Roy Morgan Research
January 23, 2024

ANZ-Roy Morgan Consumer Confidence unchanged at 84.4 in the third week of 2024

Topic: Consumer Confidence
Finding No: 9400

ANZ-Roy Morgan Consumer Confidence was unchanged at 84.4 this week. Consumer Confidence has now spent a record 51 straight weeks below the mark of 85. Consumer Confidence is now 1.5pts below the same week a year ago, January 16-22, 2023 (85.9) and 6.4 points above the 2023 weekly average of 78.0.

There were mixed results around the States with Consumer Confidence up in Western Australia and South Australia but down in New South Wales and Queensland and unchanged elsewhere.

Current financial conditions

  • Now just over a fifth of Australians, 21% (unchanged) say their families are ‘better off’ financially than this time last year compared to 48% (down 4% points) that say their families are ‘worse off’.

Future financial conditions

  • Looking forward, over a third of Australians, 34% (unchanged), expect their family to be ‘better off’ financially this time next year (the equal highest figure for this indicator for nearly a year since late January 2023) while 31% (unchanged), expect to be ‘worse off’ (the equal lowest figure for this indicator for nearly a year since late January 2023).

Short-term economic confidence

  • Now only 10% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to a third, 33% (up 2ppts), that expect ‘bad times’.

Medium-term economic confidence

  • Net sentiment regarding the Australian economy in the longer term has declined slightly this week with 12% (unchanged) of Australians expecting ‘good times’ for the economy over the next five years compared to a fifth, 20% (up 1ppt), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions were virtually unchanged this week with 25% (up 1ppt) of Australians saying now is a ‘good time to buy’ major household items while 48% (up 1ppt), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

ANZ-Roy Morgan Australian Consumer Confidence remained steady and is still running higher than any time between February and December 2023. Announcements around cost-of-living relief in the coming days and weeks may impact financial confidence, while inflation data next week may provide some clarity on the future of interest rates and the economy. We expect the inflation data to support another RBA hold in February, which could buoy confidence among indebted homeowners.

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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