ANZ-Roy Morgan Consumer Confidence up 1.4pts to 112.4 after Melbourne’s restrictions ease further

Current financial conditions

• Now 30% (up 3ppts) of Australians say their families are ‘better off’ financially than this time last year and 26% (down 2ppts), say their families are ‘worse off’ financially.

Future financial conditions

• In addition, a plurality of 39% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year compared to only 16% (up 1ppt) that expect to be ‘worse off’ financially.

Current economic conditions

• Slightly more Australians, 21% (up 3ppts) expect ‘good times’ for the Australian economy over the next twelve months while 13% (down 2ppts), expect ‘bad times’.

Future economic conditions

• In the longer term, over a fifth of Australians, 22% (up 1ppt), are expecting ‘good times’ for the economy over the next five years compared to only 13% (up 1ppt) expecting ‘bad times’.

Time to buy a major household item

• A decreasing plurality of Australians, 42% (down 3ppts), say now is a ‘good time to buy’ major household items while 24% (down 1ppt) say now is a ‘bad time to buy’.

"The strong labour market recovery provided a boost to consumer confidence with the index gaining 1.3% last week. The unemployment rate fell to 5.1% in May, reaching its lowest level since February 2020 - that is, before the pandemic started. This strength in the employment data overshadowed news about the emergence of a COVID cluster in Sydney. Confidence in the city rose by 5.2%, while in the rest of New South Wales it gained 2.8%. We know from recent experience, however, that sentiment will likely be impacted negatively if the outbreak worsens and greater restrictions are imposed."