Roy Morgan Research (RMR) has released its weekly consumer confidence index, which registered a solid bounce after fourth straight weeks of declines.
Over the week ended 16-17 of November, the RMR index rose by 2.9 points to 122.9, with all five indicators improving (see next chart).
The index is now down only 1.3 points (-1.0%) from the high reached in the weekend of 12-13 October.
According to Gary Morgan:
“Consumer Confidence has risen to 122.9 (up 2.9pts) after the first sitting of the new Parliament. As a first order of business Prime Minister Tony Abbott introduced a bill to repeal the Carbon Tax – which should result in reduced electricity costs for all Australians. The new Coalition Government estimates scrapping the Carbon Tax will result in an average household saving $550 per year. This week 43% (up 3%) of Australians expect to be ‘better off’ financially this time next year.
“A close analysis of the results shows similar increases for both men (128.5pts, up 3.2pts) and women (117.5, up 2.7pts), but a clear difference between supporters of the two major parties. Consumer Confidence rose strongly for L-NP supporters – up 6.7pts to 132.7, while falling for ALP supporters – down 0.8pts to 111.7. This result is unsurprising as historically, Roy Morgan Consumer Confidence is higher for supporters of the Government than for the Opposition.”
Here’s how the RMR consumer confidence index is now tracking against the monthly Westpac-Melbourne Institute consumer sentiment index, which also registered an increase this month:
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