Roy Morgan Research
February 13, 2024

ANZ-Roy Morgan Consumer Confidence drops 1.2pts to 82.6

Topic: Consumer Confidence
Finding No: 9415
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ANZ-Roy Morgan Consumer Confidence dropped 1.2pts to 82.6 this week. Analysis by housing status shows the biggest drop (down 5.2pts in a week) was for people who own their own home. Consumer Confidence for homeowners is now at its lowest so far this year.

Consumer Confidence has now spent a record 54 straight weeks below the mark of 85. Consumer Confidence is now 4.5 points above the same week a year ago, February 6-12, 2023 (78.1), but 1.2 points below the 2024 weekly average of 83.8.

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

Current financial conditions

  • Now just under a fifth of Australians, 19% (down 2ppts) say their families are ‘better off’ financially than this time last year compared to 52% (unchanged) that say their families are ‘worse off’.

Future financial conditions

  • Looking forward, under a third of Australians, 32% (down 1ppt), expect their family to be ‘better off’ financially this time next year while just over a third, 34% (up 1ppt), expect to be ‘worse off’.

Short-term economic confidence

  • Now just over one-in-ten Australians, 12% (up 1ppt) expect ‘good times’ for the Australian economy over the next twelve months (the highest figure for this indicator for nearly two years since April 2022) compared to nearly a third, 29% (down 1ppt), that expect ‘bad times’ (the lowest figure for this indicator for nearly two years since May 2022).

Medium-term economic confidence

  • Net sentiment regarding the Australian economy in the longer term is virtually unchanged this week with 13% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to just under a fifth, 18% (down 1ppt), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions were weakened this week with 21% (down 2ppts) of Australians saying now is a ‘good time to buy’ major household items while 51% (up 2ppts), say now is a ‘bad time to buy’.

ANZ Senior Economist, Adelaide Timbrell, commented:

Block Quote

ANZ-Roy Morgan Australian Consumer Confidence decreased last week but was still above all results from mid-February to December 2023. Short term economic confidence rose to its highest level since April 2022, before the RBA hiking cycle began. Those paying off their homes had higher confidence in the week, presumably due to the RBA holding rates again in February, while outright homeowners (who often benefit from higher interest rates) had slightly lower confidence through the week. The RBA Board continued its tightening bias in its post meeting statement and Governor Bullock reiterated in the RBA press conference that the Board was not “ruling anything in or out.

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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