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ANZ-Roy Morgan Australian Consumer Confidence down for third straight week to 112.0 (down 1.1pts)
March 21 2017
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,106 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend March 18/19, 2017.
ANZ-Roy Morgan Australian Consumer Confidence fell for the third straight week down 1.1pts to 112.0, bringing the index to its lowest value since April 2016. The weakness in confidence was driven by households’ concerns about both current and future economic conditions.
ANZ’s Head of Australian Economics David Plank commented:
- Households’ views on the 12-month economic outlook fell 3.3% last week, after a sharp 5.2% fall the previous week. Consumers were also less confident regarding future economic conditions, with the sub index falling a solid 3.5% last week.
- Households’ views towards their current finances improved 1.0%, while views towards future finances were broadly flat (down 0.1%). The future finances sub index is now at its lowest level since October 2016, although both sub-indices remain above their long term averages.
- The ‘good time to buy a household item’ sub-index rose 0.4% last week following a 1.3% rise the previous week. This sub index is currently close to its long term trend.
- The four week average for inflation expectations has stabilised around 4.5%, though this week’s reading has dropped to 4.1%.
“ANZ-Roy Morgan Australian Consumer Confidence slipped for the third straight week, bringing the weekly number below its long term average for the first time since April 2016. The downward trend in confidence since late January is disappointing given the broadly supportive economic conditions – the solid Q4 GDP report, an improving current account, strong housing market and above trend business conditions.
"In our view, concerns about labour market conditions have likely weighed on confidence over the past few weeks. Continued soft wages growth is likely a factor and last week’s reported rise in the unemployment rate for February may have weakened confidence, not least by further dampening income expectations. Despite decent strength on the activity side of the economy, low wage growth remains a key downside risk to both the inflation and spending outlook over 2017, in our view.”
Click here to view PDF of the latest ANZ-Roy Morgan Weekly Consumer Confidence Release.
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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.
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