This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,088 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend July 18/19, 2015.
ANZ-Roy Morgan Consumer Confidence rebounded 4.5% to 111.8 this week. This partially reverses the 8% fall over the previous two weeks. The bounce was likely driven by easing concerns around international events, as the Chinese stock market rebounded and Greece reached an agreement with its creditors.
Co-Head of Australian Economics Felicity Emmett commented:
- The rise in confidence was broad-based. The subindices ’economic conditions in the next year’ (+10.8%) and ‘economic conditions in next five years’ (+7.1%) reported the largest increases. Of note, confidence in the medium-term economic outlook bounced off the lowest level since the weekly survey began in 2008.
“The uplift in the ANZ-Roy Morgan Consumer Confidence Rating is a positive sign that recent concerns around Greece and China have not had a lasting impact on sentiment. Despite the lift, levels remain subdued and confidence is a vital ingredient missing in the economy. Non-mining businesses remain reluctant to lift investment given uncertainty about the demand outlook. As such, a sustained lift in consumer confidence is key to returning the economy to trend growth.”
Gary Morgan, Executive Chairman, Roy Morgan Research, says:
"ANZ-Roy Morgan Consumer Confidence is up this week - Australians are obviously relieved with the positive outcome of talks between Greece and the European Central Bank (ECB).
"The political focus this week has been on politicians misusing their travel allowances - unfortunately this almost appears to be 'expected' by most Australian electors - one of the reasons politicians have such a low standing in the Australian community - and the GST. The GST debate is irrelevant in Victoria unless all other States agree that the formula for redistribution is significantly changed to be more equitable so money raised in Victoria is not unfairly 'gouged' by the other States. Victorian Premier Daniel Andrews' suggested solution of increasing the Medicare levy is just another tax increase. Australians are aware the iron ore and coal export boom is finished. However, rather than increasing taxes both the State and Federal Governments need to significantly cut unnecessary middle-class welfare and overall spending."
Click to view the PDF of the ANZ-Roy Morgan Weekly Consumer Confidence Release.
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You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.