Roy Morgan Research
October 03, 2023

ANZ-Roy Morgan Consumer Confidence up 1.8pts to 78.2

Topic: Consumer Confidence
Finding No: 9330

ANZ-Roy Morgan Consumer Confidence was up 1.8pts to 78.2 this week, however, despite the increase the index has now spent a record 31 straight weeks (equivalent to seven months) below the mark of 80. Consumer Confidence is now a large 7.3pts below the same week a year ago, September 26 – October 2, 2022 (85.5) and is now just above the 2023 weekly average of 78.1.

Looking around the States Consumer Confidence was up in New South Wales, Victoria, Western Australia and South Australia, but down in Queensland.

Driving this week’s increase was improving levels of confidence about personal finances over the next 12 months and compared to a year ago as well as a more positive outlook on the long-term prospects for the Australian economy.

Current financial conditions

  • Now a fifth of Australians, 20% (up 1ppt) say their families are ‘better off’ financially than this time last year compared to a majority of 51% (down 3ppts) that say their families are ‘worse off’ financially.

Future financial conditions

  • Looking forward, under a third of Australians, 29% (up 1ppt), expect their family to be ‘better off’ financially this time next year while a 35% (down 1ppt), 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, 37% (up 2ppts), that expect ‘bad times’.

Future economic conditions

  • Net sentiment regarding the Australian economy in the longer term has deteriorated slightly this week with 11% (up 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to over a fifth, 20% (down 2ppts), expecting ‘bad times’.

Time to buy a major household item

  • Sentiment regarding to buying intentions is relatively unchanged 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 54% (unchanged), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

ANZ-Roy Morgan Consumer Confidence improved in the last week of September driven by improvements in financial conditions confidence. The four week average of inflation expectations went sideways despite media coverage of the August monthly CPI indicator (5.2% y/y), which suggests a touch of upside risk to the inflation outlook. The gap in confidence between outright homeowners and those paying off their home remains wide, though indebted homeowner confidence is rising, while outright home owner and renter confidence are trending down. Current finances confidence (which refers to current finances compared to a year ago) was at a five-month high.

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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