Roy Morgan Research
October 31, 2023

ANZ-Roy Morgan Consumer Confidence down 3.2pts to 75.0 – lowest since early August 2023

Topic: Consumer Confidence
Finding No: 9350
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ANZ-Roy Morgan Consumer Confidence decreased 3.2pts to 75 this week, and has now spent 39 straight weeks below the mark of 85 – equalling the longest streak at this level set in 1990-91. Consumer Confidence is now 4.9pts below the same week a year ago, October 24-30, 2022 (79.9) and is now clearly below the 2023 weekly average of 78.1.

Looking around the States Consumer Confidence was down in NSW, Victoria, South Australia and Western Australia but increased slightly against the trend in Queensland.

Driving this week’s decrease were increasing worries about the year ahead both in terms of personal finances and also the performance of the Australian economy.

Current financial conditions

  • Now under a fifth of Australians, 17% (down 1ppt) say their families are ‘better off’ financially than this time last year compared to an increasing majority of 56% (up 3ppts) that say their families are ‘worse off’.

Future financial conditions

  • Looking forward, under a third of Australians, 29% (unchanged), expect their family to be ‘better off’ financially this time next year while 37% (up 1ppt), expect to be ‘worse off’.

Current economic conditions

  • Only 6% (down 2ppts) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to over one-third, 40% (up 4ppts), that expect ‘bad times’.

Future economic conditions

  • Net sentiment regarding the Australian economy in the longer term is unchanged this week with 11% (unchanged) of Australians expecting ‘good times’ for the economy over the next five years compared to almost a fifth, 19% (unchanged), expecting ‘bad times’.

Time to buy a major household item

  • Sentiment regarding to buying intentions has decreased this week with 18% (down 1ppt) of Australians, who now say it is a ‘good time to buy’ major household items while a majority of 54% (up 4ppts), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

The ANZ-Roy Morgan Australian Consumer Confidence index declined last week after an uncomfortably high inflation print and expectations of a November rate hike by the RBA. The indices that capture confidence in ‘current’ conditions declined the most, including current finances, the short-term economic outlook and whether it is a good ‘time to buy a household item’. Among the housing cohorts, confidence fell across all groups.

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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