ANZ-Roy Morgan Consumer Confidence increased by 1.6pts 108.4 on the weekend and is now at its highest for nearly four months since July 10/11, 2021 (110.0). Consumer Confidence is now just above the 2021 weekly average of 108.2 and 8.5 points higher than the same week a year ago, October 31/ November 1, 2020 (99.9).
Consumer Confidence this week was up in Sydney, Melbourne and Canberra as all three cities continued to re-open after months in lockdown. In contrast, Consumer Confidence fell slightly in Brisbane, Perth and Adelaide.
This week’s increase was driven by increasing numbers of Australians saying they are ‘better off’ financially than a year ago and saying now is a ‘good time to buy’ major household items.
Current financial conditions
- Now 32% (up 4ppts) of Australians say their families are ‘better off’ financially than this time last year (the highest figure for this indicator since the beginning of the pandemic in March 2020) compared to 25% (down 3ppts), that say their families are ‘worse off’ financially.
Future financial conditions
- An increasing plurality of 38% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, compared to 16% (down 1ppt) that expect to be ‘worse off’ financially.
Current economic conditions
- However, a decreasing proportion of 18% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months while 19% (down 1ppt), expect ‘bad times’.
Future economic conditions
- In the longer term, under a fifth of Australians, 19% (down 2ppts), are expecting ‘good times’ for the economy over the next five years compared to 18% (up 2ppts) expecting ‘bad times’.
Time to buy a major household item
- Buying intentions improved again this week with 41% (up 2ppts) of Australians, saying now is a ‘good time to buy’ major household items while 28% (down 1ppt) say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
"‘Weekly inflation expectations’ is still close to its recent high, dropping just 0.1ppt to 4.9%. The sharp quarterly rise in fuel costs of 7.1% in Australia’s Q3 CPI likely had a significant impact on householders’ inflationary outlook during these past few months. The close relationship between ABS’s Wage Price Index and inflation expectations means it is a key indicator. Critically, however, inflation expectations point to wages growth that is still below the level the RBA has said is needed to ensure inflation will sustainably be in the target band. Consumer confidence jumped 1.5% last week, as all cities came out of lockdown. Confidence was up in NSW (2.0%) and Victoria (5.5%), which more than offset the falls in Queensland (-0.6%), South Australia (-4.3%) and Western Australia (-5.6%)."
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
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
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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%|