ANZ-Roy Morgan Consumer Confidence virtually unchanged at 72.4 – lowest Consumer Confidence Rating since April 4/5, 2020
ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 72.4 (down 0.3 points) this week and is now at its lowest since early April 2020. The index has now spent sixteen straight weeks below the mark of 80 – the longest stretch below 80 since the index began being conducted on a weekly basis in October 2008. The last time Consumer Confidence spent at least sixteen weeks under 80 was during the 1990-91 recession when the index was conducted on a monthly basis.
Consumer Confidence is now 9.3pts below the same week a year ago, June 13-19, 2022 (81.7) and 6.8pts below the 2023 weekly average of 79.2. Looking around the States there were again mixed results with Consumer Confidence up in Victoria, WA and SA, but down in NSW and Queensland.
There negative moves for personal finances and views on the Australian economy this week although there was an improvement in buying sentiment as the End of Financial Year (EOFY) and Mid-Year sales period continues.
Current financial conditions
- Now only 15% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year (a NEW RECORD LOW for this indicator) compared to 56% (unchanged) that say their families are ‘worse off’ financially (an EQUAL RECORD HIGH for this indicator).
Future financial conditions
- Looking forward, just over a quarter of Australians, 27% (down 1ppt), expect their family to be ‘better off’ financially this time next year (the lowest figure for this indicator for over three years since April 2020) while almost two-fifths, 39% (down 1ppt), expect to be ‘worse off’.
Current economic conditions
- Only 5% (down 1 ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months (the lowest figure for this indicator for nearly three years since August 2020) compared to over two-fifths, 44% (up 1ppt), that expect ‘bad times’.
Future economic conditions
- Sentiment regarding the Australian economy in the longer term remains very weak with only 10% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years (the lowest figure for this indicator for over 30 years since December 1990) compared to just over a fifth, 23% (up 1ppt), expecting ‘bad times’.
Time to buy a major household item
- Sentiment regarding to buying intentions has improved slightly this week with 20% (up 1ppt) of Australians, who now say it is a ‘good time to buy’ major household items while a clear majority of 53% (down 4ppts), say now is a ‘bad time to buy’.
ANZ Senior Economist, Adelaide Timbrell, commented:
Consumer confidence was again at its weakest since April 2020 and among the four weakest results since the pandemic began. Notably, confidence about ‘current financial conditions’ fell to a new low, after declining 10.6pts in the past four weeks. This is the third consecutive week with ‘future financial conditions’ below 90, the longest it has been this low on record. ‘Future economic conditions’ is at its lowest since early April 2020, as is confidence among outright homeowners, which fell for a fifth straight week. Confidence declined among renters to its recent all-time low from mid-May, while it rose for those paying off their homes.
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.
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Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
