Data collected last weekend (Saturday and Sunday), based on 1,047 face-to-face interviews.
ANZ-Roy Morgan Consumer Confidence fell another 1.7% in the week ending February 15 to the lowest level since early August. For now, it appears that concerns about job security, weak wages growth, and the economic outlook are outweighing the boost from the recent interest rate cut, lower petrol prices, and rising asset values.
The detail seems to bear this out. Confidence in the economic outlook over the next year (-4.3%) and next five years (-3.2%) both declined to the lowest levels since June. This likely reflects newsflow around the spike in the unemployment rate (to the highest level since mid-2002), the weakening growth outlook (which prompted the RBA to cut rates), and continuing government instability.
On the other hand, perceptions of household finances compared to a year ago and next year have been more stable recently, likely reflecting the positive boost to household cash flows from the rate cut and low petrol prices.
ANZ Chief Economist Warren Hogan commented:
“The fragility of the consumer over the last year or so continues to surprise us. While we expect some bounce in coming months from lower interest rates, the question we increasingly debate is whether there can be a strong and sustained bounce in consumer confidence without an improvement in the labour market and a lift in wages growth.”
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.