This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,018 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend February 10/11, 2018.
ANZ-Roy Morgan Australian Consumer Confidence fell 2.6% this week to 119.5, retracing gains over the previous two weeks. All subindices posted declines, though the ‘current economic conditions’ sub-index was the main culprit.
ANZ’s Head of Australian Economics, David Plank, commented:
- Households’ sentiment towards current economic conditions dropped a sharp 6%, unwinding much of the 8.3% cumulative rise over the previous two weeks. Views towards future conditions slipped 0.7%, its second straight weekly fall.
- Consumers were also less optimistic about financial conditions this week. Views towards current and future conditions fell 2.6% and 1.8% respectively. In four week moving average terms, aggregate financial conditions sit at 116.0, down from their high of 118.5, two weeks ago.
- Sentiment around the ‘time to buy a household item’ fell for the fourth straight week, slipping 1.9% to 136.9. Inflation expectations edged down to 4.4% on a four week basis.
“Given the tumble that global and domestic equities took last week, it is unsurprising to see confidence falter. In particular, views around current economic conditions fell sharply last week, though they remain well above their long term average (113.2 vs 101.8).
"While overall sentiment has risen considerably since Q3 2017, much of it has been driven by an improvement in views towards economic conditions. In contrast, views towards financial conditions rose less sharply over the same period and have recently begun deteriorating. This likely reflects the lack of pass through (yet) to wages, despite strong employment growth. Together with moderating house prices and high levels of debt, household finances remain under pressure. On this front, Governor Lowe’s speech last week, which in our view effectively removed the prospect of a rate hike this year, should provide some comfort.
"The upcoming employment and wage numbers will likely set the tone for confidence over the coming weeks. Further financial market volatility may also have an impact.”
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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.
The week that was February 5-11, 2018
- Dellacqua, Barty seal Fed Cup win over Ukraine after Gavrilova loss
- People are boycotting Peter Rabbit over allergy 'bullying' scene
- Government urged not to abandon existing Closing the Gap targets
- PM's office 'stepped in' to ensure Joyce's girlfriend moved from his office
- Former treasurer Wayne Swan to bow out of federal politics
- Tony Abbott's motion for more conservative control in NSW fails to pass
- ASX claws back losses after Wall St's correction sends shares crashing
- Nauru refugee to be transferred to Australia due to 'extreme suicide risk'
- Chinese rubbish ban 'could see end of kerbside recycling' in Australia
- Big banks waive rights to sue staff and victims who give evidence at royal commission
- MPs should be banned from having sex with staff, McGowan says
- Bald Archy Prize founder happy to be proving 'art snobs' wrong for 25th year
- Rio Tinto made more than $US8 billion in profit last year
- Why it might be time to scrap billion-dollar private health rebates
- High Court finds Devonport Mayor Steve Martin eligible to replace Jacqui Lambie
- Bringing Crocodile Dundee to the Super Bowl was 'value for money'
- New Liberal senator Jim Molan shared anti-Muslim videos on Facebook to 'generate debate'