ANZ-Roy Morgan Consumer Confidence Increased, Halting A Streak Of Six Consecutive Declines

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This week’s ANZ-Roy Morgan Consumer Confidence increased 2.1pts to 80.8 and is now 25.2pts lower than it was this time last year, November 13/14, 2021 (106.0). Consumer Confidence is 8.6 points lower than the weekly average of 89.4 in 2022.

Although Consumer Confidence increased this week, the results were mixed when observing different regions. This week, the two larger States of NSW and Queensland increased while Victoria was unchanged. However, the index was down in Western Australia and South Australia.

The two questions that significantly impacted the index this week were about people’s finances and their outlook for the Australian economy over the next year.

The outlook for Australia’s economy over the next year declined by 4.7pts. However, personal finances increased by 3.2pts this week and are now 5 points higher since November last year.

ANZ-Roy Morgan Consumer Confidence is based on 1,086 face-to-face interviews conducted each week nationally with men and women aged 14 and over. The surveys began in June 2007, giving a richly detailed understanding of the dynamics that have shaped confidence levels over time.

“The Australian economy has taken a beating over the last few months, and consumers have been following suit. This week’s slight improvement in confidence is encouraging. Still, we’ll need to see more positive news for confidence levels to improve substantially,” said ANZ’s Head of Australian Economics, David Plank.

“The two key questions that drive consumer confidence had opposite effects this week, with the ‘buying a house measure increasing sharply. The fact that consumers are still concerned about their finances will limit consumer spending in the near term.”

Still, Plank said, the recent falls in interest rates should help confidence levels to bounce back by the end of this year.

The Roy Morgan Government Confidence Rating was also up slightly at 112.5 (up 0.3pts) this week, with 52% of Australians saying Australia is currently ‘heading in the right direction and only 29.5% saying Australia is ‘heading in the wrong direction.

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