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ANZ-Roy Morgan Consumer Confidence hits decade low at 100.0

This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 967 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend of March 14/15, 2020.
Confidence was down just 0.4% over the past week - a somewhat surprising result given the news flow. The Government’s fiscal package may have contributed to the resilience.

  • ‘Current economic conditions’ fell 9.3%, adding to a decline of 8% and 16.6% in the previous two readings. ‘Future economic conditions’ strengthened for the second week in a row rising 2.1%.
  • Financial conditions subcomponents diverged, with ‘Current financial conditions’ gaining 3% while ‘future financial conditions’ declined 0.5%.
  • ‘Time to buy a major household item’ fell by 0.2%, its third straight weekly loss and is at an 11-year low. The four-week moving average for ‘inflation expectations’ was stable at 4.1%.

ANZ Head of Australian Economics, David Plank, commented:

"Despite all the gloom last week, confidence only fell marginally. It is, however, at its lowest level since 2009. This is the more important point. The weakness was predominantly due to another sharp drop in the current economic conditions subcomponent. This component is now approaching the lows seen during the GFC. The divergence between financial and economic conditions remains large. The labour market will likely determine how that gap is closed, which makes this week’s employment data important. We are expecting bad news, with an outright drop in employment likely. Offsetting this may be a further stimulus package from the Commonwealth Government, which will add to the fiscal stimulus now being delivered by a number of states. The RBA is also set to cut to 0.25% and announce QE on Thursday."

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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

Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.

You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.
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Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

Percentage Estimate


25% or 75%

10% or 90%

5% or 95%