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ANZ-Roy Morgan Consumer Confidence up by 1.7pts to 84.1 – a third straight weekly increase
August 02 2022
- Finding No.
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,483 online and telephone interviews conducted Australia-wide with men and women aged 14 during the week of July 25-31, 2022.
ANZ-Roy Morgan Consumer Confidence was up 1.7pts to 84.1 this week but is a large 17.7pts below the same week a year ago, July 31/ August 1, 2021 (101.8). In addition, Consumer Confidence is now 8.2pts below the 2022 weekly average of 92.3.
On a State-based level Consumer Confidence was up significantly in Queensland and South Australia, but down slightly in NSW, Victoria and WA. This week’s increase was due to more positive views on personal finances and the Australian economy’s performance over the next year.
Current financial conditions
Future financial conditions
- Looking forward, fewer than a third of Australians, 32% (up 2ppts), expect their family to be ‘better off’ financially this time next year compared to 32% (down 3ppts), that expect to be ‘worse off’.
Current economic conditions
- Only 7% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 39% (unchanged), that expect ‘bad times’.
Future economic conditions
- In the longer term, just 12% (up 1ppt) of Australians are expecting ‘good times’ for the economy over the next five years compared to 18% (down 2ppts) expecting ‘bad times’.
Time to buy a major household item
- When it comes to buying intentions now just 23% (down 2ppts) of Australians, say now is a ‘good time to buy’ major household items while 45% (down 1ppt), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence rose 2.1% last week, despite news that headline inflation exceeded 6% in the year to June. The sharp fall in petrol prices over the past three weeks may have been more important for sentiment. The drop likely explains why household inflation expectations fell 0.5ppt to 5.5%. The only confidence subindex that decreased was ‘good time to buy a major household item’ – ongoing weakness in the housing market and pressure on household budgets being likely reasons. Despite the gain in in the past three weeks, sentiment remains at a very low level and vulnerable to more tightening from the RBA."
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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