This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 990 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend September 3/4, 2016.
ANZ-Roy Morgan Australian Consumer Confidence fell for the second week in a row, down a sharp 3.5% this week to 114.3. The sizeable decline more than offset the jump in confidence three weeks ago – which took the index to a 33 month high.
ANZ Senior Economist Jo Masters commented:
- The decline in confidence was largely driven by households’ views over the economic outlook. Households’ views of the 12 month economic outlook fell a sharp 7.6%, while views of the five year economic outlook dipped 2.7%. Looking through weekly volatility, both indices have been rising since early 2016 and remain close to their long-run averages.
- Consumers were also a touch more pessimistic about their finances. Consumers’ views of their current finances fell 2.7%, while views of future finances ticked down 1.2%. Despite the drop in overall confidence, consumers’ views towards their own finances remain well above their long run average and in an upward trend. Views about personal finances are most likely to impact household spending decisions, and at current levels suggest household consumption should continue to grow at a relatively solid pace.
- Household views on whether ‘now is a good time to buy a household item’ fell 3.9%.
“The sharp fall in ANZ-Roy Morgan Australian Consumer Confidence is disappointing. It erases the recent gains and brings confidence back to its lowest level in three months. Moreover, while confidence remains well above its long run average, the uptrend looks to be losing momentum.
"The recent volatility in consumer confidence has been driven by large swings in views about the economic outlook. In contrast, consumers’ views toward their own finances remain upbeat. This is particularly encouraging as this sub-index is the one most closely correlated with consumer spending.
"This week’s GDP report and RBA meeting will likely shape the news flow in the coming days and have the potential to influence consumers’ confidence over the coming week.”
Click here to view the PDF of the latest ANZ-Roy Morgan Weekly Consumer Confidence Release.
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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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