ANZ-Roy Morgan Consumer Confidence drops 1pt to 83.5 after higher-than-expected ABS CPI for September quarter and in the week the RBA left interest rates unchanged
ANZ-Roy Morgan Consumer Confidence dropped 1pt to 83.5 and is now 3.2pts lower than a year ago, November 4-10, 2024 (86.7), and 3pts below the 2025 weekly average of 86.5.
An analysis by State shows mixed results with Consumer Confidence down in New South Wales, Queensland and South Australia, but up in Victoria and Western Australia.
Driving the index lower this week were small declines in confidence about the Australian economy over the next five years and whether now is a ‘good/bad time to buy’ major household items.
A fifth of Australians, 21% (down 1ppt), say their families are ‘better off’ financially than this time last year compared to an increasing plurality of 44% (up 2ppts) that say their families are ‘worse off’.
Views on personal finances over the next year improved this week with 28% (up 2ppts) of respondents expecting their family will be ‘better off’ financially this time next year, while 31% (down 2ppts) expect to be ‘worse off’.
Net sentiment regarding the economy over the next year was unchanged this week with 8% (down 2ppts) of Australians, expecting ‘good times’ for the Australian economy over the next twelve months compared to almost a third, 30% (down 2ppts), that expect ‘bad times’.
However, net views regarding the Australian economy in the longer-term were down from a week ago with 10% (down 2ppts) of Australians expecting ‘good times’ for the economy over the next five years compared to over a quarter, 27% (up 1ppt), expecting ‘bad times’.
Net buying intentions deteriorated this week with 20% (down 1ppt) of respondents saying now is a ‘good time to buy’ major household items compared to 37% (up 2ppts) that say now is a ‘bad time to buy major household items’.
ANZ Economist, Sophia Angala, commented:
ANZ-Roy Morgan Australian Consumer Confidence fell 1.0pts last week to 83.5pts, following the RBA Monetary Policy Board’s decision to keep the cash rate on hold at 3.60% last week.
‘Weekly inflation expectations’ remained elevated. While underlying inflation picked up in Q3, the RBA noted some of this outcome was due to “temporary factors” and expects the broader disinflation process to continue.
The ‘time to buy a major household item’ subindex dropped to its lowest level since early May. Upcoming sales events such as Black Friday should provide some support to household spending, but last week’s RBA hold may soften spending growth over the near term. Solid income growth, broader disinflation, and the final 25bp RBA rate cut we expect in February 2026 should provide momentum to the consumer recovery over the next few quarters.
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 |
