October 13, 2020

ANZ-Roy Morgan Consumer Confidence increases for sixth straight week, up 2pts to 97.7 – up in Melbourne, Brisbane & Perth

Topic: Consumer Confidence, Press Release
Finding No: 8535
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ANZ-Roy Morgan Consumer Confidence increased 2pts to 97.7 on October 10/11, 2020 and is now 13.2pts lower than a year ago on the comparable weekend of October 12/13, 2019 (110.9) and is now almost 4pts above the 2020 weekly average of 93.9. Consumer Confidence is now at its highest for over four months since May 30/31, 2020 (98.5).

Consumer Confidence has now increased for sixth straight weeks and is up 7.5pts since ending August at 90.2. Driving this week’s increase was more confidence about both personal financial situations and the Australian economy at large over the next year.

Current financial conditions

  • Now 24% (down 1ppt) of Australians say their families are ‘better off’ financially than this time last year and 33% (down 1ppt) say their families are ‘worse off’ financially (the lowest figure for this indicator for over six months since March 2020).

Future financial conditions

  • An increasing 36% (up 3ppts) of Australians expect their family to be ‘better off’ financially this time next year compared to 16% (down 2ppts) that expect to be ‘worse off’ financially (the lowest figure for this indicator for over seven months since February 2020).

Current economic conditions

  • Now one-in ten Australians, 10% (up 2ppts), expect ‘good times’ for the Australian economy over the next 12 months while 37% (down 1ppt), expect ‘bad times’ (the lowest figure for this indicator for over seven months since February 2020).

Future economic conditions

  • In the longer term, over a fifth, 21% (up 1ppt) of Australians are expecting ‘good times’ for the Australian economy over the next five years compared to 15% (down 2ppts) expecting ‘bad times’.

Time to buy a major household item

  • Australians are almost evenly split on whether now is the time to purchase major household items with a decreasing proportion of Australians, 34% (down 1ppt), saying now is a ‘good time to buy’ major household items, while 35% (down 1ppt), say now is a ‘bad time to buy’.

ANZ Head of Australian Economics, David Plank, commented:

“Consumers have given a thumbs up to the Budget, with sentiment rising 2.1% to its highest level since the last weekend of May. This is the second best postbudget gain in the last six years. There were healthy gains in ‘future finances’ and ‘current’ and ‘future’ economic conditions. Surprisingly, sentiment is weaker in New South Wales, including Sydney, than it is in Melbourne. Less surprisingly, confidence is strongest (and above neutral) in Perth. It is also above neutral in Tasmania and South Australia.”

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

Related Findings

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