Consumer Confidence is at 108.9pts (up 0.6pts in a week) according to the Roy Morgan Consumer Confidence Rating conducted last weekend (June 2/3, 2012). Consumer Confidence is now 4.9pts lower than a year ago June 4/5, 2011 (113.8).
Australians confidence about Australia’s economy over the next twelve months has fallen with 39% (up 4%) expecting over the next twelve months Australia to have ‘bad times’ economically compared to 26% (down 1%) of Australians that expect ‘good times’ the lowest since August 13/14, 2011.
Over the next five years more Australians (33%, up 1%) expect Australia’s economy to have ‘good times’ economically compared to 22% (down 1%) that expect ‘bad times’.
However, an increasing majority of Australians 60% (up 6%) say now is a ‘good time to buy’ major household items while 18% of Australians (down 2%) say now is a ‘bad time to buy’ major household items.
Australians have lost a little confidence over the past week about their personal finances over the next 12 months with only 34% (down 2%) saying they expect their family to be ‘better off’ financially (the lowest since October 1/2, 2011) while 24% (unchanged) expect to be ‘worse off’.
Now 27% (down 1%) of Australians say their family is ‘better off’ financially compared to a year ago while 33% (down 1%) say their family is ‘worse off’ financially.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
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.
