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ANZ-Roy Morgan Consumer Confidence plunges to 30-year low at 72.2

This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,715 face-to-face and telephone interviews conducted Australia-wide with men and women aged 14 and over the weekend March 21/22, 2020.
Confidence fell by a massive 27.8% last week. This fall has bought the headline index to just above the all-time lows recorded in 1990. Confidence is 17% below the lowest point seen during the global financial crisis (Oct 2008).

  • All the sub-components of the survey were plunged. ‘Current financial conditions’ fell 23.9% while ‘future financial conditions’ dropped 25.8%.
  • The economic conditions subindices were also down sharply, with ‘current economic conditions’ falling 37.1% and ‘future economic conditions’ declining by 19.1%.
  • ‘Time to buy a major household item’ fell the most, dropping by 37.2%. The four-week moving average for ‘inflation expectations’ was stable at 4.0%.

ANZ Head of Australian Economics, David Plank, commented:

"The increasingly negative news about the impact of the coronavirus pandemic in Australia has had a dramatic impact on consumer sentiment, with confidence showing its biggest ever fall since the survey moved to a weekly basis in 2008. Consumer confidence has been lower than this level, but only just and only during the 1990-91 recession. The plunge was broad-based, with all sub-components of sentiment well below average and well below the levels seen during the GFC. Only the levels seen during the 1990-91 recession are comparable. We should note that the coronavirus has necessitated a change in the survey methodology, away from face-to-face to phone and online interviews. It is possible that this impacted the results, though the consistency of the responses suggests this is unlikely."

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Related Research Reports

The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more

Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.

You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
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Roy Morgan is the largest independent Australian research company, with offices throughout Australia, as well as in Indonesia, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan has over 70 years’ experience in collecting objective, independent information on consumers.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

Percentage Estimate


25% or 75%

10% or 90%

5% or 95%