Data collected last weekend (Saturday and Sunday), based on 1,001 face-to-face interviews.
ANZ-Roy Morgan Consumer Confidence fell 3.1% to 110.4 in the week ending December 7 to the lowest level in four months. The key driver was a sharp decline in confidence in the economic outlook, likely reflecting the weak GDP data and media focus on the government’s economic management last week.
Both confidence in the economic outlook over the next year (-7.8%) and next five years (-8%) dropped sharply. Levels of both sub-indices were subdued even before the fall last week, and are likely contributing to the unusual sensitivity of households to negative economic newsflow. This has previously caused three sizeable drops in confidence this year in response to job losses in the aviation and manufacturing industries, Federal budget cuts, and a surge in the unemployment rate (later revised).
More positively, ‘household finances compared to a year ago’, the sub-index most correlated with household spending was stable last week. This is encouraging as we enter the crucial Christmas shopping period.
ANZ Chief Economist Warren Hogan commented:
“We think a key question for monetary policy right now is would rate cuts help build confidence or generate more concern and uncertainty about the future of the economy. Today’s number suggests that it may be the latter. We will be watching the weekly numbers closely over the Christmas shopping season to gauge the momentum the economy will take into 2015.”
Click to view the PDF of the ANZ-Roy Morgan Weekly Consumer Confidence Release.
Latest ANZ-Roy Morgan Consumer Confidence Releases
Latest ANZ-Roy Morgan Australian & Asia-Pacific Consumer Confidence Data Tables
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.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.