From Roy Morgan, it’s weekly consumer confidence index fell again this week:
Consumer Confidence has fallen to 113.4pts (down 2.3pts in a week), according to the Roy Morgan Consumer Confidence Rating conducted last weekend (February 18/19, 2012). Consumer Confidence is now 7.2 points lower than a year ago, February 19/20, 2011 (120.6).
The decrease in Consumer Confidence is due mainly to Australians being more worried about Australia’s economy in the future and also about their own financial situations.
Australians are less optimistic about Australia’s economy over the long-term with 25% (up 5%) of Australians expecting Australia to have ‘bad times’ economically over the next five years (the highest since June 18/19, 2011) compared to 36% (unchanged) that expect ‘good times’.
Also, Australians are less confident about Australia’s economy over the next twelve months with 34% (up 3%) of Australians expecting ‘bad times’ economically over the next twelve months compared to 32% (up 1%) of Australians that expect Australia to have ‘good times’.
No surprise here. This is the first index to take full measure of the bank’s unilateral rate rises, not to mention the steady drum beat of job losses. Not calamitous by any stretch but a fair downward pulse and looking like the beginning of the end for our brief interest rate inspired smile.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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