Roy Morgan consumer confidence eases

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Fresh from Roy Morgan:

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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).

About the author
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.