ANZ-Roy Morgan Australian Consumer Confidence rose for the sixth straight week – up 0.7% to 121.6, the highest in 15 weeks. The details were somewhat mixed: while views towards financial conditions improved, households were less optimistic about economic conditions.
ANZ-Roy Morgan Australian Consumer Confidence rose for the sixth straight week – up 0.7% to 121.6, the highest in 15 weeks. The details were somewhat mixed: while views towards financial conditions improved, households were less optimistic about economic conditions.
- Households’ views towards current financial conditions rose 2.0% last week to 110.1, the highest in 12 weeks. Views towards future financial conditions were up a modest 0.6%, following a 1.4% rise the previous week. Both sub-indices remain above their long term averages.
- Sentiment around current economic conditions showed no change after a solid 2.4% increase in the previous week. Meanwhile, views towards future economic conditions eased 1.9% last week, partially unwinding the previous week’s 3.7% rise.
- The ‘time to buy a household item’ sub-index rose 2.6% last week, nearly reversing the 2.7% fall previously. The weekly inflation expectations value edged up to 4.2%.
ANZ’s Head of Australian Economics, David Plank, commented:
“Confidence continued to trend up last week, its sixth consecutive weekly rise. That rise comes despite elevated petrol prices, some pessimistic commentary on sluggish wage growth and recent developments in the housing market. Last week’s employment report was mixed – with jobs rising solidly in April, but the unemployment rate ticking up.
"Even so, households remained upbeat on their financial conditions last week. Though views toward economic conditions eased slightly, this is perhaps unsurprising given the strength of their recovery in recent weeks.
"The next major domestic data point we are building toward is Q1 GDP on 6 June. Construction work done for the quarter is an important building block in this release and the only local news of note this week.”
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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.