Roy Morgan Research
May 31, 2022

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 90.7 following Anthony Albanese-led ALP’s election victory

Topic: Consumer Confidence
Finding No: 8990

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 90.7 this week, down only 0.1pts from the weekend of the Federal Election. This week’s Consumer Confidence was the first taken after the ALP’s victory at the Federal Election was known.
Consumer Confidence is now a significant 20.7pts below the same week a year ago, May 29/30, 2021 (111.4) and is now 5.6pts below the 2022 weekly average of 96.3. On a State-based basis Consumer Confidence was up in New South Wales and unchanged in Victoria, but slightly down in Queensland, South Australia and Western Australia.

Current financial conditions

  • Now under a quarter of Australians, 21% (down 2ppts) say their families are ‘better off’ financially than this time last year (the lowest figure for this indicator for nearly two years since July 2020) compared to 40% (up 1ppt), that say their families are ‘worse off’ financially.

Future financial conditions

  • Looking forward, nearly a third of Australians, 32% (down 2ppts) expect their family to be ‘better off’ financially this time next year compared to 28% (up 4ppts), that expect to be ‘worse off’ financially.

Current economic conditions

  • An unchanged 10% of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 28% (down 1ppt), that expect ‘bad times’.

Future economic conditions

  • In the longer term, just 14% (unchanged), of Australians are expecting ‘good times’ for the economy over the next five years compared to 17% (down 4ppts) expecting ‘bad times’.

Time to buy a major household item

  • Buying intentions have recovered somewhat this week, with 29% (up 1ppt) of Australians, saying now is a ‘good time to buy’ major household items while 39% (down 3ppts) say now is a ‘bad time to buy’.

ANZ Head of Australian Economics, David Plank, commented:

Block Quote

Consumer confidence dropped slightly by 0.1% last week with no significant reaction to the previous weekend’s federal election. This is the fifth election since the survey went weekly in 2008. Of the four elections prior to this one, there has been little immediate reaction in consumer confidence, with no large swings in either direction. Confidence going into the 2022 election was, however, well below previous pre-election levels. And it remains at a historically low level. Inflation expectations rose to 5.5%, its highest level since early April, and it likely reflects the rise in petrol prices.”

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

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