ANZ-Roy Morgan Consumer Confidence up 1.5pts to 83.1 – highest Consumer Confidence since early October 2022
ANZ-Roy Morgan Consumer Confidence increased 1.5pts to 83.1 this week and is now 22.9pts below the same week a year ago, November 27/28, 2021 (106.0). In addition, Consumer Confidence is now 6pts below the 2022 weekly average of 89.1.
Although the wider move in Consumer Confidence was up this week there were mixed results around the nation. Consumer Confidence increased in Victoria, Queensland and Western Australia but decreased in New South Wales and South Australia.
Across the index the two questions that drove the weekly increase related to personal financial situations compared to a year ago and over the next year.
Current financial conditions
- Now 25% of Australians (up 4ppts) say their families are ‘better off’ financially than this time last year compared to 46% (down 3ppts) that say their families are ‘worse off’ financially.
Future financial conditions
- Looking forward, nearly a third of Australians, 31% (up 1ppt), expect their family to be ‘better off’ financially this time next year while 35% (down 1ppt), expect to be ‘worse off’.
Current economic conditions
- Only 6% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to almost two-fifths, 39% (unchanged), that expect ‘bad times.’
Future economic conditions
- Sentiment regarding the Australian economy in the longer term is still very weak with only 13% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to 16% (down 2ppts) expecting ‘bad times’.
Time to buy a major household item
- When it comes to buying intentions now 24% (unchanged) of Australians, say now is a ‘good time to buy’ major household items while more than twice as many, 47% (up 1ppt), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence increased 1.8% last week, with a cumulative gain of 5.6% over the past three weeks. Confidence is at its highest since early October but is still at exceptionally weak levels. The increase was mainly driven by the ‘financial situation compared to a year ago’ and ‘financial situation next year’ rising 9% and 2.8% respectively. Household inflation expectations dropped 0.1ppt to 6.2%, its seventh straight week above 6%. The drop in October retail sales suggests weak confidence may finally be impacting household spending. But changing seasonal patterns may explain some of the softness. ANZ-observed spending data from last week will provide an insight into whether consumers held back in October to spend big on Black Friday sales.
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% | |
| 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 |
