Roy Morgan Research
April 30, 2024

ANZ-Roy Morgan Consumer Confidence increases 0.8 points to 81.1 in late April

Topic: Consumer Confidence
Finding No: 9470
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ANZ-Roy Morgan Consumer Confidence increased 0.8pts to 81.1 this week. However, despite the increase, the index has now spent a record 65 straight weeks below the mark of 85. Consumer Confidence is now only 1.3 points above the same week a year ago, April 24-30, 2023 (79.8), and 1.6 points below the 2024 weekly average of 82.7.

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

Driving the weekly increase in Consumer Confidence was increasing confidence about personal financial situations and the performance of the Australian economy over the next year.

Current financial conditions

  • Now under a fifth of Australians, 19% (up 1ppt), say their families are ‘better off’ financially than this time last year compared to 52% (up 1ppt) that say their families are ‘worse off’.

Future financial conditions

  • Views on personal finances over the next year this week were marginally improved with 31% (up 1ppt), expecting their family to be ‘better off’ financially this time next year while another 34% (down 1ppt), expect to be ‘worse off’.

Short-term economic confidence

  • Under one-in-ten Australians, 8% (down 1ppt) expect ‘good times’ for the Australian economy over the next twelve months (the lowest figure for this indicator so far this year) compared to a third, 33% (down 2ppts), that expect ‘bad times’.

Medium-term economic confidence

  • Net sentiment regarding the Australian economy in the longer term also deteriorated this week with 12% (unchanged) of Australians expecting ‘good times’ for the economy over the next five years compared to under a fifth, 19% (down 4ppts), expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions were marginally down this week with 21% (down 2ppts) of Australians saying now is a ‘good time to buy’ major household items while 47% (unchanged), say now is a ‘bad time to buy’.

ANZ Economist, Madeline Dunk, commented:

Block Quote

ANZ-Roy Morgan Consumer Confidence increased 0.8pts last week, but not enough to offset the 3.2pt drop the week before. Household inflation expectations jumped 0.3ppt to 5.3% following the stronger than expected Q1 CPI data. While inflation expectations are at a 2024 high, it is important to keep in mind that the pre-COVID historical average (2010-2019) for the series is 4.8%; consumer inflation expectations tend to track above actual inflation. Confidence is still very low at just 81pts, reflecting the sharp decline in real per capita household disposable income. We expect a material improvement in both measures later in the year in response to the Stage 3 tax cuts.

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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