ANZ-Roy Morgan Consumer Confidence up 1.3pts to 81.7 while Inflation Expectations soar to highest since late March
ANZ-Roy Morgan Consumer Confidence were up 1.3pts to 81.7 this week but despite the increase Consumer Confidence is still a significant 30.7pts below the same week a year ago, June 19/20, 2021 (112.4) and is now 12.9pts below the weekly average of 94.6.
On a State-based level Consumer Confidence was up in Victoria, New South Wales and South Australia but dropped in Queensland and Western Australia. Looking across the five indicators the biggest driver of this week’s increase was the drop in people expecting to be ‘worse off’ financially this time next year – down by 5ppts.
Current financial conditions
- Now 21% of Australians (unchanged) say their families are ‘better off’ financially than this time last year compared to 42% (up 1ppt), that say their families are ‘worse off’ financially.
Future financial conditions
- Looking forward, just over a quarter of Australians, 27% (unchanged) expect their family to be ‘better off’ financially this time next year compared to 33% (down 5ppts), that expect to be ‘worse off’.
Current economic conditions
- However, only 7% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months (the lowest figure for this indicator for nearly two years since September 2020) compared to 38% (down 1ppt), that expect ‘bad times’.
Future economic conditions
- In the longer term, only 12% (up 2ppts) of Australians are expecting ‘good times’ for the economy over the next five years compared to 22% (up 2ppts) expecting ‘bad times’ (the highest figure for this indicator for nearly two years since August 2020).
Time to buy a major household item
- When it comes to buying intentions now just 24% (up 1ppt) of Australians, saying now is a ‘good time to buy’ major household items while nearly half, 48% (down 1ppt), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence increased 1.6% last week after a 7.6% decline the week before. News about the strength of the labour market may have boosted sentiment, but it remains deeply pessimistic. Household inflation expectations jumped 0.3ppt to 5.9% as average petrol prices increased over the week. The ‘current’ and ‘future economic conditions’ subindices dropped for a third consecutive week, as central banks across the world, including the RBA, became increasingly hawkish about bringing inflation under control, causing uncertainty about economic growth.”
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%|