ANZ-RM consumer confidence falls below average

Tuesday 16 September 2014

The ANZ-Roy Morgan Research (RMR) consumer confidence index fell in the week ended 14 September, down 2.0 points (1.7%) to 111.3, taking it too the lowest level in five weeks and below its long-run average reading of 113.2 (see next chart).

This week’s fall was driven by “declines in ‘time to buy a major household item’ (-5.1%) and ‘financial situation compared to a year ago’ (-3.7%)”.

The below chart plots the most recent Westpac-Melbourne Institute Consumer Sentiment index against the ANZ-RM Consumer Confidence index:

As you can see, the mood amongst Australian consumers remains fairly lacklustre.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.