Australian consumer confidence remains well as truly in the gutter, with the latest weekly ANZ-Roy Morgan consumer confidence index remaining stuck below 80 for the fourth week in a row:
It was the first time the index been below the 80-point mark for four consecutive weeks since the early days of the pandemic in April 2020.
All key sub-indices remain depressed:
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- Only 21% of Australians (up 2ppts) say their families are ‘better off’ financially than this time last year.
- Under a third of Australians, 30% (unchanged), expect their family to be ‘better off’ financially this time next year.
- Only 5% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months.
- Sentiment regarding the Australian economy in the longer term remains very weak with only 10% (down 3ppts) of Australians expecting ‘good times’ for the economy over the next five years.
- When it comes to buying intentions, only 19% (up 1ppt) of Australians, say now is a ‘good time to buy’ major household items.
Commenting on the result, ANZ Senior Economist, Adelaide Timbrell, noted:
- Consumer confidence was practically unchanged last week and remained below the 80 level for a fourth consecutive week.
- The index, in six of the past seven weeks, was among the 12 worst results since the COVID outbreak.
- Confidence among those paying off their mortgage rebounded 2.9pts after a 4.3pts fall the week before.
- Confidence among renters and outright homeowners declined 0.5pts and 1.8pts respectively after increases last week.
- Confidence in ‘current economic conditions’ and whether ‘it is a good time to buy a major household item’ have been below 70 for the last seven weeks.
- Confidence in ‘future finances’ rose a little as ‘inflation expectations’ eased.
Full report available here.
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