This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 987 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend September 9/10, 2017.
- After two consecutive weeks of improvement, consumers’ views towards current and future economic conditions dipped, down 8.1% and 7.2% respectively. The average of these two measures – households’ confidence in the economic outlook – is at its lowest level in 16 weeks (Figure 3).
- Households’ views towards current financial conditions slipped 0.3% last week. Partially offsetting this weakness, sentiment around future financial conditions rose a solid 3.7%. Looking through the weekly volatility, confidence in overall financial conditions has remained broadly unchanged over the past two months, hovering around its long term average (Figure 3).
- Consistent with the fall in views towards economic conditions, the ‘time to buy a major household item’ index dipped 7.6% last week, down to the lowest level in almost two years.
- Inflation expectations were unchanged at 4.4% on a four-week moving average basis.
ANZ’s Head of Australian Economics, David Plank, commented:
“Despite the solid Q2 GDP reading last week, confidence has failed to hold onto the previous week’s gains. The decrease in confidence around the economic outlook may reflect concerns around persistently low wage growth in an environment where house price growth is expected to moderate and household debt remains high. The Q2 GDP data showed the rise in consumer spending was largely supported by a lower saving rate – while wages and overall household income growth remained very weak.
“Looking forward, we expect labour market conditions to continue improving given the strength in job ads and business conditions. This should broadly support consumer confidence, although we are unlikely to see a material increase until wages growth starts to pick up more meaningfully.”
Click here to view the PDF of the latest ANZ-Roy Morgan Weekly Consumer Confidence Release.
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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.
The week that was September 4-10, 2017
US warns of ‘massive military response’ after North Korea’s biggest nuke test
‘This is far larger than Sandy’: Harvey damage could climb to $225b, Texas Governor warns
Mexico’s strongest earthquake in 85 years leaves 58 dead
Tsunami confirmed as massive quake hits Mexico, kills at least three
Energy company Santos has agreed to supply gas to 330,000 Australian east coast homes over the next two years rather than export it.
The Federal Government’s voluntary postal survey on same-sex marriage will be posted out within days after the High Court unanimously ruled it is constitutional
Hurricane Irma batters Caribbean as Trump declares emergency in Florida
Australians could face higher power bills, more blackouts, review finds
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Ten creditors, staff to be paid out under CBS deal
Trump’s trade threat on North Korea would be an economic disaster