Roy Morgan Research
July 18, 2023

ANZ-Roy Morgan Consumer Confidence down 0.7pts to 72.6 – third straight week of declines

Topic: Consumer Confidence
Finding No: 9275

ANZ-Roy Morgan Consumer Confidence was down 0.7pts to 72.6 this week. The index has now spent twenty 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 twenty weeks under 80 was during the 1990-91 recession when the index was conducted on a monthly basis.

Consumer Confidence is now 9.2pts below the same week a year ago, July 11-17, 2022 (81.8) and 5.8pts below the 2023 weekly average of 78.4. Looking around the States, Consumer Confidence was down in New South Wales and Victoria, but up slightly Queensland, WA and SA.

Driving the index down this week was negative sentiment in regards to personal finances compared to a year ago. Other indicators were little changed compared to a week ago.

Current financial conditions

  • Now only 17% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year compared to 57% (up 4ppts) that say their families are ‘worse off’ financially (a new record high for this indicator in 50 years of interviewing).

Future financial conditions

  • Looking forward, just over a quarter of Australians, 28% (up 1ppt), expect their family to be ‘better off’ financially this time next year while two-fifths, 40% (up 1ppt), expect to be ‘worse off’.

Current economic conditions

  • Only 6% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to over two-fifths, 42% (down 1ppt), that expect ‘bad times’.

Future economic conditions

  • Sentiment regarding the Australian economy in the longer term remains very weak with only 11% (up 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to just over a fifth, 21% (down 1ppt), expecting ‘bad times’.

Time to buy a major household item

  • Sentiment regarding to buying intentions is virtually unchanged this week with 18% (up 1ppt) of Australians, who now say it is a ‘good time to buy’ major household items while a clear majority of 57% (up 1ppt), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

ANZ-Roy Morgan Australian Consumer Confidence fell last week, its third consecutive weekly decline. The confidence level was among the five worst results since the COVID outbreak and has stayed below 80 for 20 straight weeks. The decline in the latest result was mainly driven by weaker confidence in ‘current financial conditions’. Among the housing cohorts, confidence fell to a record low for those renting. It improved among those paying off their homes but remained below 70, while it fell for those who own their homes outright.

Check out the latest results for our weekly surveys on Business Confidence, Consumer Confidence, and Voting Intention as follows:

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

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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
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