This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1.023 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend March 10/11, 2018.
ANZ-Roy Morgan Australian Consumer Confidence fell 2.5% this week to 116, partially unwinding gains over the previous two weeks. The fall was broad based, with households particularly pessimistic about current financial conditions.
ANZ’s Head of Australian Economics, David Plank, commented:
- Views towards current economic conditions declined 3.5% last week, partially reversing the previous 5.1% rise. Sentiment around future conditions slipped 1.9%. The future conditions index still remains well above the levels seen for most of 2017, though it has slipped below its long-run average.
- Households’ pessimism towards financial conditions extended last week’s move, with the current and future sub-indices falling 5.5% and 1.0%, bringing them to 5 and 14 week lows respectively.
- Sentiment around the ‘time to buy a household item’ declined 1.0% more than reversing the 0.7% rise in the prior week. Inflation expectations edged up to 4.6% on a four-week moving average basis, as the latest reading came in at 4.7%.
“The broad based fall in sentiment may reflect the weaker-than-expected Q4 GDP number, out last week. Much of the commentary centred on the fact that living standards per person have gone nowhere over the past year, something that may have resonated with the personal experience of many people. While the number was a touch disappointing, we believe some of the weakness is likely to be temporary and we expect a better performance in 2018.
"We are, however, cognisant of risks to the downside. The recent strength in household spending seems unlikely to be repeated, given that wage growth is yet to pick up substantially and debt remains high. Households appear to share this concern – views towards future financial conditions have fallen from their peak in January and are approaching their long-term average.
"Still, despite moving lower, confidence remains elevated compared to levels seen through most of 2017. We think this points to some resilience in consumer spending going forward.”
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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 March 5-11, 2018
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Security alarm sounded over Chinese company's involvement in 5G network
'Girls just wanna have funds': Rebel Wilson back in court over $1.3m bill
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Adelaide United sale to investors result of 'handshake agreement'
Why Sam Kerr's snub from World XI may not be quite what it seems
Canberra men charged over silent prayer outside abortion clinic have charges dismissed
African-Australian rapper Sampa The Great wins Australian Music Prize
Malcolm Turnbull defends SA Liberals on foreign donations
More regional women choosing home births over hospital deliveries
Australia may seek ICC action over Sonny Bill Williams masks taunting Warner
Polling teams working across SA to make sure 'every person has the opportunity to vote'
Aussie flagbearer Joany Badenhorst out of Winter Paralympics with injury