ANZ-Roy Morgan Consumer Confidence slipped 3.4pts to 75 this week, fully erasing the gains of last week. The index has now spent a record 23 straight weeks below the mark of 80 – beating the all-time record of five months (22 weeks) from September 1990 – January 1991 when the index was conducted on a monthly basis.
Consumer Confidence is now 5.3pts below the same week a year ago, August 1-7, 2022 (80.3) and 3.2pts below the 2023 weekly average of 78.2. Looking around the States, Consumer Confidence was down in all five mainland States.
Driving the index down this week were decreases in sentiment regarding personal finances both compared to a year ago and expectations over the next year.
Current financial conditions
- Now just under a fifth of Australians, 17% (down 3ppts) say their families are ‘better off’ financially than this time last year compared to a new record high majority of 57% (up 4ppts) that say their families are ‘worse off’ financially.
Future financial conditions
- Looking forward, just over a quarter of Australians, 28% (down 5ppts), expect their family to be ‘better off’ financially this time next year while 38% (up 4ppts), expect to be ‘worse off’.
Current economic conditions
- Only 6% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to almost two-fifths, 38% (unchanged), that expect ‘bad times’.
Future economic conditions
- Sentiment regarding the Australian economy in the longer term has improved slightly this week although only 11% (up 1ppt) of Australians expect ‘good times’ for the economy over the next five years compared to just under a fifth, 19% (down 1ppt), expecting ‘bad times’.
Time to buy a major household item
- Sentiment regarding to buying intentions is has deteriorated this week with 19% (down 2ppts) of Australians, who now say it is a ‘good time to buy’ major household items while a clear majority of 54% (unchanged), say now is a ‘bad time to buy’.
ANZ Senior Economist, Adelaide Timbrell, commented:
ANZ-Roy Morgan Australian Consumer Confidence declined last week, despite the RBA decision to keep the cash rate on hold. Homeowners with debt still have far lower confidence than other cohorts, as restrictive interest rates squeeze cashflows of indebted households. Confidence has been in very weak territory (below 80) for 23 consecutive weeks, the longest weak streak on record. WA ended the week with the highest average confidence while QLD had the lowest. Average confidence fell among all the housing cohorts, but the biggest fall was among renters (-9.4pts) after a jump in the previous week.
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%|