This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 966 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend May 12/13, 2018.
ANZ-Roy Morgan Australian Consumer Confidence rose for the fifth straight week – up 1.0% to 120.8, the highest in 14 weeks. The details were broadly positive with four out of five subindices posting gains.
- Households’ views towards current financial conditions inched up 0.7% last week, largely recovering from the 0.8% fall last week. Views towards future conditions rose 1.4%, partially reversing the 3.2% fall previously. Both subindices remain above their long term averages.
- Consumers were particularly optimistic about economic conditions. Sentiment around current conditions bounced 2.4% to 113.2, the highest level in 14 weeks. At the same time, views towards future conditions rose a sharp 3.7% to 117.5, the highest level in 15 weeks.
- The ‘time to buy a household item’ subindex decreased 2.7% last week, partially undoing the 5.0% gain in the previous week. The weekly inflation expectations value slipped to 4.1%.
ANZ’s Head of Australian Economics, David Plank, commented:
“It is very encouraging to see confidence rise for the fifth straight week, particularly since, on average, confidence has fallen 1.2% in the week of the Budget release over the last five years.
The rise in sentiment was broad based, with households particularly optimistic about economic conditions and future financial conditions. This suggests that the Budget and the personal income tax cuts therein have been well received.
With confidence currently at its highest point since early February, we now look to the wage and employment reports out later this week, which could set the tone for confidence in the short run.”
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The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
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