From Roy Morgan:
Consumer Confidence has fallen to 115.7pts (down 1.3pts in a week), according to the Roy Morgan Consumer Confidence Rating conducted last weekend (February 11/12, 2012). Consumer Confidence is now 6.2 points lower than a year ago, February 12/13, 2011 (121.9).
The decrease in Consumer Confidence is due mainly to Australians being more worried about Australia’s economy over the next twelve months and also about buying major household items.
Australians are less confident about Australia’s economy over the next twelve months with 31% (up 3%) of Australians expecting ‘bad times’ economically over the next twelve months compared to 31% (down 1%) of Australians expecting Australia to have ‘good times’.
A decreasing majority of Australians 57% (down 3%) say now is a ‘good time to buy’ major household items compared to 18% (up 2%) that say now is a ‘bad time to buy’.
The survey was conducted last weekend so includes some of the bank rate rises. Released earlier this week, the Westpac survey showed a rise in confidence, but only partially included the RBA hold and none of the bank moves.