This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,025 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend August 5/6, 2017.
ANZ-Roy Morgan Australian Consumer Confidence fell a sharp 4.0% to 113.7 this week, partially unwinding the gains over the previous two weeks. Though four out of five sub-indices posted declines, the fall in confidence was driven primarily by a sharp reversal of sentiment around economic conditions.
ANZ’s Head of Australian Economics, David Plank, commented:
- In contrast to these declines, households’ views towards current financial conditions improved 2.8% - more than reversing the 1.2% fall in the previous week. Meanwhile, views towards future financial conditions fell 2.3%, its third consecutive fall.
- Consumers’ views towards both current and future economic conditions eased considerably last week, largely unwinding the previous week’s gains. Sentiment around current and future conditions fell 10.7% and 7.3% respectively.
- The ‘time to buy a major household item’ fell a 4.6% last week. Despite trending lower recently, this sub-index remains well above its long term average.
- Inflation expectations edged up to 4.4% on a four-week moving average basis, with the weekly value coming in at 4.5%.
“Stepping back from the recent volatility in survey responses, ANZ-Roy Morgan Australian Consumer Confidence remains above its long term average. Confidence has staged an impressive recovery since its low point in May, and we expect that a gradually strengthening labour market and accommodative monetary conditions will broadly continue to support confidence over the coming weeks.
"That said, households continue to face a number of headwinds - subdued wage growth, slower growth in house prices and high household indebtedness – which will likely cap the rise in sentiment. In addition, higher energy prices will weigh on households’ disposable incomes. As such, we remain cautious about the outlook for consumer spending despite the solid Q2 retail sales outcome.
"Given the importance of the labour market to both near term confidence and monetary policy, we will be closely watching next week’s Wage Price Index and Labour Force releases.”
Click here to view the PDF of the latest ANZ-Roy Morgan Weekly Consumer Confidence Release.
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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.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
The week that was July 31 - August 6, 2017
Four held over alleged plot to down plane using meat grinder bomb
The US ambassador to the United Nations warns "China must act" and "the time for talk is over" after North Korea test fires a ballistic missile which experts say is capable of hitting anywhere in the US.
John Key defied the notion that 'all political careers end in failure'
Asbestos discovered in Sydney Opera House, 25 workers exposed
RBA optimistic about the future, if the Aussie dollar doesn't climb higher
We need to wake up': Calls for domestic airport security to match international
Rio Tinto's first-half profit up 93 per cent to $4.1b
Rising mortgage debt, childcare costs hitting young families hard
Prime Minister Malcolm Turnbull refuses to say how he will handle the next steps in the same-sex marriage issue that is threatening the stability of his Government.
RBA holds rates at record low 1.5pc, warns of high dollar risks