Roy Morgan Research
September 19, 2023

ANZ-Roy Morgan Consumer Confidence up 2.2pts to 79.8 – highest since late April

Topic: Consumer Confidence
Finding No: 9320
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ANZ-Roy Morgan Consumer Confidence was up 2.2pts to 79.8 this week and despite this week’s increase has now spent a record 29 straight weeks (equivalent to almost seven months) below the mark of 80. Consumer Confidence is now 6.2pts below the same week a year ago, September 12-18, 2022 (86.0) and is now 1.6 pts above the 2023 weekly average of 78.2.

There was a mixed picture when looking around the States with Consumer Confidence up in New South Wales, Victoria and Western Australia, but down slightly in Queensland and South Australia.

Driving the small increase in the index this week was an increase in confidence about personal financial situations over the next 12 months.

Current financial conditions

  • Now a fifth of Australians, 20% (down 1ppt) say their families are ‘better off’ financially than this time last year compared to a majority of 52% (down 3ppts) that say their families are ‘worse off’ financially.

Future financial conditions

  • Looking forward, a third of Australians, 33% (up 3ppts), expect their family to be ‘better off’ financially this time next year while 33% (unchanged), expect to be ‘worse off’.

Current economic conditions

  • Only 8% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to over one-third, 34% (down 2ppts), that expect ‘bad times’.

Future economic conditions

  • Net sentiment regarding the Australian economy in the longer term has improved slightly this week with 10% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to just under a fifth, 19% (down 4ppts), expecting ‘bad times’.

Time to buy a major household item

  • Sentiment regarding to buying intentions is unchanged this week with 19% (unchanged) of Australians, who now say it is a ‘good time to buy’ major household items while a clear majority of 53% (unchanged), say now is a ‘bad time to buy’.

ANZ Economist, Madeline Dunk, commented:

Block Quote

ANZ-Roy Morgan Consumer Confidence rose 2.2pts last week to reach its highest level since late April. While the series remains at very low levels, particularly for those paying off a mortgage, there are some early signs of tempered optimism amongst households. Confidence for mortgage holders rose 4.1pts to record its highest reading in more than seven months. Meanwhile confidence increased 4.7pts for renters, after a sharp fall the week beforehand, but declined 2.3pts among those who own their home outright. In welcome news, inflation expectations also fell to 4.9% – the lowest reading since February 2022 before Russia invaded Ukraine.

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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