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ANZ-Roy Morgan Consumer Confidence up 2.3 points to 93.4 as average petrol prices drop significantly
April 05 2022
- Finding No.
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,494 online and telephone interviews conducted Australia-wide with men and women aged 14 during the week of March 28 – April 3, 2022.
ANZ-Roy Morgan Consumer Confidence increased by 2.3pts to 93.4 this week after average petrol prices in Australia dropped by around 30 cents per litre over the last two weeks. Consumer Confidence had fallen for three straight weeks before this week’s increase. However, despite the weekly increase Consumer Confidence is still a significant 14.3pts below the same week a year ago, April 3/4, 2021 (107.7).
Current financial conditions
Future financial conditions
- Looking forward, 33% (down 2ppts) of Australians expect their family to be ‘better off’ financially this time next year compared to just 25% (down 1 ppt) that expect to be ‘worse off’ financially.
Current economic conditions
- Only 12% (up 2ppts), of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 28% (down 2ppts), that expect ‘bad times’.
Future economic conditions
- In the longer term, just 15% (up 1ppt), of Australians are expecting ‘good times’ for the economy over the next five years compared to 20% (unchanged) expecting ‘bad times’.
Time to buy a major household item
- Buying intentions have slightly improved, with 32% (up 2ppts) of Australians, saying now is a ‘good time to buy’ major household while 40% (down 2ppts) say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
"Inflation expectations (IE) dropped 0.6ppt last week to 5.8%, as petrol prices dropped sharply. We think this explains much of the lift in sentiment, though the focus on relieving cost of living pressures in the Federal Budget may also have played a part. The fall in petrol prices is likely due to lagged effects of the drop in crude prices since 8 March which have declined by nearly 20% since then. The cut to petrol excise announced in the Budget may, depending on volatile oil prices, see petrol prices drop further in the coming weeks. This could potentially lower IE and lift consumer sentiment further."
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
Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
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