ANZ-Roy Morgan Consumer Confidence was up 1.4pts to 85.6 this week and is now 16pts below the same week a year ago, August 21/22, 2021 (101.6). In addition, Consumer Confidence is now 5.9pts below the 2022 weekly average of 91.5 and is now at its highest since early June 2022.
The second straight weekly increase in Consumer Confidence was primarily driven by increases in confidence about the performance of the Australian economy over the next year and the measure increased in New South Wales, Victoria, Queensland and South Australia. There was a slight decline in Western Australia – but Consumer Confidence in that State remains higher than any other State.
Current financial conditions
- Now 24% of Australians (down 1ppt) 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, fewer than a third of Australians, 32% (unchanged), expect their family to be ‘better off’ financially this time next year compared to 30% (down 1ppt), that expect to be ‘worse off’.
Current economic conditions
- Only 9% (up 3ppts) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 34% (down 3ppts), that expect ‘bad times.’
Future economic conditions
- In the longer term, just 13% (unchanged) of Australians are expecting ‘good times’ for the economy over the next five years compared to 20% (unchanged) expecting ‘bad times.’
Time to buy a major household item
- When it comes to buying intentions now just 22% (down 1ppt) of Australians, say now is a ‘good time to buy’ major household items (the lowest figure for this indicator for over two years since the early stages of the pandemic in April 2020) while 46% (down 3ppts), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence rose for a second straight week as it gained 1.7%. The unemployment rate dropping to 3.4% in July might have helped boost sentiment, though the news on wages, especially in real terms, was disappointing. Consistent with this, confidence is still exceptionally low; but consumers are modestly optimistic about their future financial situation despite the prospect of further increases in interest rates. Across the major states, confidence improved in NSW, Victoria, Queensland and SA, while it fell in WA ‒ although confidence is higher in WA than any other state. The increase in overall sentiment was mainly driven by a second consecutive jump in the subindex that captures ‘current economic conditions’. Confidence in the near-term economic outlook remains exceptionally weak, however.”
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%|