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ANZ-Roy Morgan Consumer Confidence remains elevated at 119.6 pre-Budget
May 08 2018
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,150 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend May 5/6, 2018.
ANZ-Roy Morgan Australian Consumer Confidence inched up another 0.3% to 119.6 last week – the highest in 13 weeks. The details were mixed, with a solid rise in ‘time to buy a household item’ offset by falls in three of the remaining sub-indices.
ANZ’s Head of Australian Economics, David Plank, commented:
- Households’ views toward current financial conditions eased 0.8% last week, following a 1.7% rise previously. Views towards future conditions declined 3.2%, after three straight weekly gains. Both sub-indices remain above their long term averages.
- Consumers were a touch less optimistic about year-ahead economic conditions, with sentiment dipping 0.9% last week, ending the streak of five consecutive weekly gains. Meanwhile, views towards future conditions rose 1.2% last week, entirely reversing the previous week’s 0.7% decline.
- The ‘time to buy a household item’ sub-index jumped 5.0% last week to 141.9 – it’s highest value in fifteen weeks. Inflation expectations remained steady at 4.4%.
“The recovery in confidence has now extended to four consecutive weeks, driven by a solid improvement in aggregate economic conditions. It is encouraging to see confidence recover in the weeks leading up to the Commonwealth Budget; expectations of personal tax cuts have likely played a part.
"For the last five years, the average weekly confidence in the week before the Budget release has been 112.0, falling 1.2% on average in the week immediately after. Currently confidence sits well above that level at 119.6, supported by robust labour market performance, accommodative monetary policy and expectations of personal income tax cuts.”
Click here to download the latest weekly ANZ-Roy Morgan Australian Consumer Confidence PDF.
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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.