Late yesterday Roy Morgan released its weekly consumer confidence numbers, showing another small drop on the week, enough to return the index practically to where it was before the November and December rate cuts:
Consumer Confidence is at 110.3pts (down 3.2pts in a week), according to the Roy Morgan Consumer Confidence Rating conducted last weekend (March 3/4, 2012). Consumer Confidence is now 5.2 points lower than a year ago, March 5/6, 2011 (115.5).
Consumer Confidence has fallen considerably with increasing concern about all components of the survey, especially personal financial situations.
Australians are less confident about their personal finances over the next 12 months with 22% (up 5%) saying they expect their family to be ‘worse off’ financially while 37% (unchanged) expect to be ‘better off’.
Now 34% (up 4%) of Australians say their family is ‘worse off’ financially compared to a year ago while 29% (up 2%) say their family is ‘better off’ financially.
More Australians are worried about Australia’s economy over the long-term with 22% (up 2%) of Australians expecting Australia to have ‘bad times’ economically over the next five years compared to 33% (down 2%) that expect ‘good times’.
Australians are concerned about Australia’s economy over the next twelve months with 30% (down 1%) of Australians expecting ‘good times’ economically over the next twelve months compared to 35% (up 2%) of Australians that expect Australia to have ‘bad times’.
Although an increasing majority of Australians 57% (up 1%) say now is a ‘good time to buy’ major household items, 22% (up 3%) say now is a ‘bad time to buy’.
This poll was taken before this week’s RBA meeting.