Fresh from Roy Morgan:
The weekly Roy Morgan Consumer Confidence Rating fell to 122.8 (down 1.4pts in a week since October 12/13, 2013) down from the highest level since January 8/9, 2011. The fall was caused by a decrease in confidence about Australia’s economy over the next 5 years and in respondents financial situations compared to this time last year.
Now 39% (down 3%) of Australians expect the Australian economy to have ‘good times’ over the next five years compared to 18% (up 1%) that expect ‘bad times’ for the Australian economy.
Australians are less confident about their personal finances compared to this time last year with 32% (down 1%) saying they are ‘better off’ financially than this time last year and 24% (up 2%) saying they are ‘worse off’ financially.
A majority of Australians (55%, unchanged) say now is a ‘good time to buy’ major household items while just 17% (up 1%) of Australians say now is a ‘bad time to buy’.
Also 37% (unchanged) of Australians expect ‘good times’ economically over the next twelve months compared to 24% (unchanged) that expect ‘bad times’ for the Australian economy.
In addition 45% (unchanged) of Australians expect to be ‘better off’ financially this time next year compared to just 11% (down 1%) that expect their family to be ‘worse off’ financially (the lowest since April 20/21, 2013).