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ANZ-Roy Morgan Consumer Confidence Holds Steady
June 02 2015
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,040 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend May 30/31, 2015.
ANZ-Roy Morgan Consumer Confidence was steady at 113.5 last week, further consolidating the post-budget bounce. Confidence is 11% higher than a year ago, reflecting the more positive response to this year’s Commonwealth Budget.
ANZ Chief Economist Warren Hogan commented:
- At the sub-index level, the largest gains in response to the Budget have been in expectations of the economic outlook over the next year and five years. These sub-indices are up a cumulative 5.7% and 8.6% respectively over the last four weeks, however they remain at subdued levels compared to history.
- By contrast, ‘time to buy a major household item’ has seen the smallest gain of all the sub-indices over the past four weeks.
“While it is a positive sign that ANZ-Roy Morgan Consumer Confidence has largely maintained the post budget bounce, the question is whether further momentum can build in coming weeks or whether the bounce will be retraced. Solid growth in house prices continues to be supportive for confidence but household fundamentals outside of housing remain weak amid low wages growth, a soft labour market, and high household debt. Yesterday’s data highlighted this dichotomy showing a 0.1% q/q fall in the total wages bill for the economy in Q1, the first quarterly fall since September 2009 (Figure 4). At the same time, house prices rose solidly in May, up 1.4% m/m seasonally adjusted. How consumers reconcile the conflicting forces of strong house price gains and weak income growth will likely be a key determinant of confidence going forward.”
Click to view the PDF of the ANZ-Roy Morgan Weekly Consumer Confidence Release.
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Related Research Reports
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.