Roy Morgan Research
April 09, 2024

ANZ-Roy Morgan Consumer Confidence drops 0.9 points to 81.9 as Australians less confident about personal finances

Topic: Consumer Confidence
Finding No: 9455

ANZ-Roy Morgan Consumer Confidence was down 0.9pts to 81.9 this week. The index has now spent a record 62 straight weeks below the mark of 85. Consumer Confidence is now 2.6 points above the same week a year ago, April 3-9, 2023 (79.3), and just 1 point below the 2024 weekly average of 82.9.

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

Driving the weekly decline in Consumer Confidence were drops in confidence about personal financial situations and the performance of the Australian economy going forward.

Current financial conditions

  • Now under a fifth of Australians, 19% (down 1ppt), say their families are ‘better off’ financially than this time last year compared to a majority of 53% (up 1ppt) that say their families are ‘worse off’.

Future financial conditions

  • Views on personal finances over the next year fell slightly this week with just under a third of Australians, 31% (down 3ppts), expecting their family to be ‘better off’ financially this time next year while another 33% (unchanged), expect to be ‘worse off’.

Short-term economic confidence

  • Just one-in-ten Australians, 10% (down 1ppt) expect ‘good times’ for the Australian economy over the next twelve months compared to nearly a third, 31% (unchanged), that expect ‘bad times’.

Medium-term economic confidence

  • Net sentiment regarding the Australian economy in the longer term deteriorated this week with 12% (down 2ppts) of Australians expecting ‘good times’ for the economy over the next five years compared to a fifth, 20% (unchanged), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions were virtually unchanged this week with 21% (down 1ppt) of Australians saying now is a ‘good time to buy’ major household items while 47% (down 4ppts), say now is a ‘bad time to buy’.

ANZ Economist, Madeline Dunk, commented:

Block Quote

ANZ-Roy Morgan Australian Consumer Confidence declined for a second consecutive week. The current economic environment has kept consumer confidence below 85pts for a record 62 weeks – 23 weeks longer than during the 1990s recession.

Notably, inflation expectations rose to the highest level for the year. This may help explain the increased pessimism in the economic and financial outlook. This is the first time since November 2022 (when inflation expectations peaked at 6.8%) that inflation expectations have increased for three weeks in a row. Higher petrol prices may be contributing to this rise in inflation expectations.

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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