ANZ-Roy Morgan Consumer Confidence increased by 3.1pts to 103.1 this week after the NSW Government outlined its plans for re-opening Sydney in mid-October when over 70% of residents are set to be fully vaccinated compared to 46% today. Consumer Confidence remains well below the 2021 weekly average of 108.7 but is now 10.7 points higher than the same week a year ago, September 12/13, 2020 (92.4).
Consumer Confidence was up this week in both NSW and Victoria and into positive territory in both States. The biggest increase was in Sydney which increased 10.3pts (+10.6%) to 107.1 while Consumer Confidence also jumped in Melbourne, up 6.4pts (+6.6%) to 103.6.
Driving this week’s increase was improving confidence about the year ahead with more people expecting to be better off financially this time next year and positive views about the Australian economy.
Current financial conditions
- Now 27% (up 1ppt) of Australians say their families are ‘better off’ financially than this time last year while 28% (down 1ppt), say their families are ‘worse off’ financially.
Future financial conditions
- An increasing plurality of 37% (up 3ppts) of Australians expect their family to be ‘better off’ financially this time next year, compared to only 14% (down 2ppts) that expect to be ‘worse off’ financially.
Current economic conditions
- Although small, an increasing minority of 14% (up 3ppts) of Australians expect ‘good times’ for the Australian economy over the next twelve months while 26% (down 2ppts), expect ‘bad times’.
Future economic conditions
- In the longer term, just under a fifth of Australians, 19% (down 1ppt), are expecting ‘good times’ for the economy over the next five years compared to 17% (unchanged) expecting ‘bad times’.
Time to buy a major household item
- Buying intentions strengthened this week with 35% (up 2ppts) of Australians, saying now is a ‘good time to buy’ major household items while under a third, 32% (down 2ppts) say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
"Consumer confidence gained 3.1% last week, driven by a huge jump of 10.6% in Sydney as the NSW government released its roadmap out of lockdown. With close to 47% of NSW’s adult population already fully vaccinated, this roadmap is expected to take effect by mid-October. That is, once the number reaches 70%. Confidence increased by 6.2% in Victoria, while it fell 3.2% in Queensland as new cases emerged in the state last week. Household inflation expectations have been quite volatile in the past few weeks, rising sharply then dropping back. Our research indicates that expectations tend to follow developments in petrol prices and the headline CPI. With these appearing to have peaked, we may be at a level where expectations stabilise."
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
For comments or more information please contact:
Roy Morgan - Enquiries
Office: +61 (03) 9224 5309
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%|