ANZ-Roy Morgan Consumer Confidence down 0.6pts to 86.4 as Reserve Bank interest rate cut fails to increase confidence
ANZ-Roy Morgan Consumer Confidence dropped 0.6pts to 86.4 in the week after the Reserve Bank (RBA) cut interest rates by 0.25% to 3.85%. Consumer Confidence is 5.9 points above the same week a year ago, May 27 – June 2, 2024 (80.5) and in line with the 2025 weekly average of 86.5.
An analysis by State shows mixed results with Consumer Confidence dropping in New South Wales and Western Australia, but up slightly in Victoria, Queensland and South Australia.
A look across the index shows the driver of this week’s fall with less confidence about personal finances over the next 12 months with a net movement of 3ppts in the wrong direction.
Just under a fifth of Australians, 18% (unchanged), say their families are ‘better off’ financially than this time last year compared to 42% (unchanged) that say their families are ‘worse off’.
Net views on personal finances over the next year dropped slightly this week with 26% (down 2ppts) of respondents, expecting their family will be ‘better off’ financially this time next year, while 31% (up 1ppt) expect to be ‘worse off’.
Views on the economy over the next year improved marginally with just over one-in-eight Australians, 14% (up 1ppt), expecting ‘good times’ for the Australian economy over the next twelve months compared to over a quarter, 28% (down 1ppt), that expect ‘bad times’.
Net sentiment regarding the Australian economy in the longer-term deteriorated slightly this week with 14% (up 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to over a quarter, 26% (up 2ppts), expecting ‘bad times’ (the highest figure for this indicator for over five years since early April 2020 in the early days of the COVID-19 pandemic).
Net buying intentions were virtually unchanged this week with 23% (unchanged) of Australians saying now is a ‘good time to buy’ major household items compared to 36% (up 1ppt) that say now is a ‘bad time to buy major household items’.
ANZ Economist, Sophia Angala, commented:
“ANZ-Roy Morgan Australian Consumer Confidence fell 0.6pts last week to 86.4pts, largely driven by lower confidence in the 12-month financial outlook. Economic confidence slightly rose. Weekly inflation expectations lifted to 5.0% last week with inflation data last week pointing to a stalling in disinflation.
Confidence across the housing cohorts has converged. Confidence of outright homeowners has fallen, while mortgage holder confidence has risen likely due to the fall in interest rates in February and May. Confidence of mortgage holders at its highest level in three years. Please note the next ANZ-Roy Morgan Australian Consumer Confidence report will be released on Wednesday 11 June due to the King’s Birthday public holiday.”
Check out the latest results for our weekly surveys on Business Confidence, Consumer Confidence, and Voting Intention as follows:
Roy Morgan Business Confidence Statistics
ANZ – Roy Morgan Consumer Confidence Statistics
Federal Voting – Government Confidence Rating
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
Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.
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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 |
