July 19, 2022

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 81.8 after Albanese reinstates $750 COVID payments

Topic: Consumer Confidence
Finding No: 9025
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ANZ-Roy Morgan Consumer Confidence was virtually unchanged this week at 81.8 (up 0.2pts) but is a large 22.5pts below the same week a year ago, July 17/18, 2021 (104.3). In addition, Consumer Confidence is now 11.1pts below the 2022 weekly average of 93.4.

On a State-based level Consumer Confidence was up in New South Wales, Queensland and South Australia but down in Victoria and Western Australia. This week’s small increase was due to slightly more positive views on prospects for the Australian economy going forward.

Current financial conditions

  • Now 21% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year compared to 46% (up 1ppt), that say their families are ‘worse off’ financially (the highest figure for this indicator for over two years since March 2020).

Future financial conditions

  • Looking forward, fewer than a third of Australians, 30% (unchanged), expect their family to be ‘better off’ financially this time next year compared to 33% (down 1ppt), that expect to be ‘worse off’.

Current economic conditions

  • However, only 6% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 39% (down 3ppts), that expect ‘bad times’

Future economic conditions

  • In the longer term, only 15% (up 3ppts) 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 23% (down 2ppts) of Australians, say now is a ‘good time to buy’ major household items while 48% (up 1 ppt), say now is a ‘bad time to buy’.

ANZ Head of Australian Economics, David Plank, commented:

Block Quote

Consumer confidence steadied as concerns about the economic outlook ebbed, likely driven by the strong labour market print last week. High inflation and rising interest rates are feeding into households’ weak assessment of their financial conditions. That is yet to show up in spending behaviour, however. Inflation expectations dropped to a one month low, with global fuel prices moderating. Australia’s wholesale petrol prices declined last week fuelling hopes that retail prices will moderate. This will likely be good news for sentiment if it occurs.”

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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