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ANZ-Roy Morgan Consumer Confidence slips 0.4 pts to 88.6 before Melbourne enters Stage 4 restrictions on Sunday night
August 04 2020
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,511 online and telephone interviews conducted Australia-wide with men and women aged 14 and over the weekend August 1/2, 2020.
ANZ-Roy Morgan Consumer Confidence slipped 0.4pts to 88.6 on the weekend before Melbourne entered Stage 4 restrictions on Sunday. Unsurprisingly Consumer Confidence is lowest in Melbourne at 85.2, but only slightly higher in Sydney at 86.2. Only in Perth is Consumer Confidence in positive territory above 100 at 100.4 while marginally above the national average in both Adelaide (94.0) and Brisbane (90.1).
Overall Consumer Confidence is now 27.2pts lower than a year ago on the comparable weekend of August 3/4, 2019 (115.8) and 5.8pts below the 2020 weekly average of 94.4. Driving the fall this week were declines in confidence about the performance of the Australian economy over both the next year and the next five years.
Current financial conditions
Now 23% (down 2ppts) of Australians say their families are ‘better off’ financially than this time last year and 34% (down 2ppts) say their families are ‘worse off’ financially.
Future financial conditions
Current economic conditions
However just 6% (down 1ppt) expect ‘good times’ for the Australian economy over the next 12 months while a majority of 52% (up 2ppts), expect ‘bad times’ (the highest figure for this indicator for over three months since April 18/19, 2020).
Future financial conditions
In the longer term, only 15% (down 4ppts) of Australians are expecting ‘good times’ for the Australian economy over the next five years compared to 24% (up 1ppt) expecting ‘bad times’ (the highest figure for this indicator for nearly four months since April 4/5, 2020).
Time to buy a major household item
However, an increasing number of Australians, 33% (up 2ppts), say now is a ‘good time to buy’ major household items, while 36% (down 3ppts), say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
"Confidence fell again last week, though only modestly. This survey does not capture the effect of the extended Melbourne lockdown, as the announcement came late in the weekend. Despite the decline seen since the onset of the second wave in Victoria, the severity of the fall has been less than in March (at least so far), suggesting Australians have become somewhat accustomed to the ‘new normal’. Fiscal support is also critical, with sentiment toward personal financial conditions holding up much better than expectations about the economy as a whole. The plan to reduce this support may test this relative resilience."
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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.
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