This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,007 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend October 24/25, 2015.
ANZ-Roy Morgan Consumer Confidence rose just 0.1% to 113.4 this week, following a fall of 2.0% in the previous week. This is somewhat surprising given further announcements of increases in variable mortgage rates last week. However, looking at the detail, consumers’ perceptions of their current finances deteriorated, suggesting that the prospect of higher mortgage repayments have hit households’ hip pocket nerve.
ANZ Co-Head of Australian Economics Felicity Emmett commented:
- The sub-index ‘finances compared to a year ago’ was down 4.2% in the week, after a fall of 0.5% in the previous week. Providing some offset to this, consumers’ views towards future finances remained unchanged, after a fall of 3.8% in the previous week.
- The sub-indexes on the economy were down this week, with both short and medium term outlooks falling over 2% in the last two weeks, although this follows strong gains in the previous weeks and both indexes remain on rising trends.
- The sub-index on ‘time to buy a major household item’ rebounded sharply (6.7%), providing an offset to the falls in other indicators.
“ANZ-Roy Morgan Consumer Confidence consolidated just above its long run average last week. Sentiment about current personal finances fell sharply, likely reflecting news of higher mortgage rates.
"Household views about their own finances remain fairly solid though. It’s the economic outlook that worries them. For some time they have been without a positive narrative on the prospects for the economy. But a broadly stable unemployment rate over the past year, and the hope that Prime Minister Turnbull can deliver better medium term outcomes for the economy, are factors which look to have driven some improvement in households’ economic outlook.
"The challenge will be to maintain this upward trend in an environment where the housing market looks to be slowing.”
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.