The ANZ-Roy Morgan Research (RMR) consumer confidence index rose by 0.2 points in the week ended 9 November to 114.8, remaining just above its long-run average reading of 113.2 (see next chart).
The improvement was driven by rising confidence in the economic outlook over next year (+2%) and the next five years (+4.7%), although both sub-indices remain below-average levels.
ANZ chief economist, Warren Hogan, is disappointed, however:
“While it is encouraging that consumer confidence is now trending higher, the pace of improvement is slightly disappointing.”
The below chart plots the most recent Westpac-Melbourne Institute Consumer Sentiment index against the ANZ-RM Consumer Confidence index, which continues to show significant divergence recently, with Westpac’s still in the gutter and pessimists outweighing optimists:
