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ANZ-Roy Morgan Consumer Confidence up 2.2 points to 96.8 as petrol prices continue to decrease – now down 46 cents in four weeks
April 20 2022
- Finding No.
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,501 online and telephone interviews conducted Australia-wide with men and women aged 14 during the week of April 11-17, 2022.
ANZ-Roy Morgan Consumer Confidence increased by 2.2pts to 96.8 this week after average petrol prices in Australia dropped by another 8 cents per litre last week and are now down over 46 cents per litre to $1.66 per litre last week since peaking in mid-March at $2.13 per litre.
Consumer Confidence has now increased for three straight weeks, however it is still a significant 17.2pts below the same week a year ago, April 17/18, 2021 (114.0) and is now just below the 2022 weekly average of 98.2. Consumer Confidence was up in most States this week including New South Wales, Victoria, Western Australia and South Australia.
Current financial conditions
Future financial conditions
- Looking forward, 34% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year compared to just 22% (down 2ppts) that expect to be ‘worse off’ financially.
Current economic conditions
- Only 13% (unchanged), of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 25% (down 3ppts), that expect ‘bad times’.
Future economic conditions
- In the longer term, just 17% (up 1ppt), of Australians are expecting ‘good times’ for the economy over the next five years compared to 17% (down 2ppts) expecting ‘bad times’.
Time to buy a major household item
- Buying intentions have improved slightly from a week ago with 33% (up 1ppt) of Australians, saying now is a ‘good time to buy’ major household while 38% (down 2ppts) say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence increased by 2.3% last week, rising to its highest since 6 March. It is interesting to note that, in a mirror image, household inflation expectations at 5.3% were at their lowest level since 6 March, as petrol prices declined for a fourth straight week. The significant negative correlation between consumer confidence and inflation expectations at the current juncture likely reflects the perceived impact of higher prices on living standards when wages growth remains weak. Despite the third gain in a row, confidence remains below its neutral level of 100. Oil prices have risen more than 10% from the low at the beginning of last week, so it’s not clear if there is much more room for confidence to be boosted by lower petrol prices (though there may be some lagged impact from the lower excise tax still to flow through)."
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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