ANZ-Roy Morgan Consumer Confidence increases 3.3pts to 103.2 as the Omicron variant continues to recede around Australia
ANZ-Roy Morgan Consumer Confidence increased 3.3pts to 103.2 during the second week of February and is now at its highest since the first week of January 2022. Consumer Confidence is still 6.7pts below the same week a year ago, February 13/14, 2021 (109.9) but is now above the 2022 weekly average of 101.5.
Consumer Confidence this week was up around the country with the largest increases in Queensland, NSW, Western Australia and Tasmania. Driving the increases were changes in sentiment regarding the performance of Australians’ personal finances compared to a year ago and over the next year.
Current financial conditions
- Now 26% (up 3ppts) of Australians say their families are ‘better off’ financially than this time last year compared to 29% (down 3ppts), that say their families are ‘worse off’ financially.
Future financial conditions
- Looking forward, 34% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, compared to 17% (down 4ppts) that expect to be ‘worse off’ financially.
Current economic conditions
- However, just 17% (up 3ppts), of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to 21% (down 5ppts), that expect ‘bad times’.
Future economic conditions
- In the longer term, 18% (down 1ppt), of Australians are expecting ‘good times’ for the economy over the next five years compared to 15% (down 1ppt) expecting ‘bad times’.
Time to buy a major household item
- Sentiment towards buying intentions has remained largely the same, with 35% (down 1ppt) of Australians, saying now is a ‘good time to buy’ major household items while 32% (down 1ppt) say now is a ‘bad time to buy’.
ANZ Head of Australian Economics, David Plank, commented:
Consumer confidence increased 3.3% last week, despite retail petrol prices reaching record highs. Inflation expectations increased 0.2ppt and settled at a recent high of 5%. Although confidence rose above the neutral level of 100, it is still well below its long-run average, so we can’t say higher inflation isn’t having an impact. The passing of the Omicron peak along with the news that international borders will reopen to vaccinated tourists later this month no doubt helped lift sentiment despite rising petrol prices. Confidence increased in every state, with gains of 4.1% in NSW, 1.1% in Victoria, 6.5% in Queensland, 1.2% in SA and 5.3% in WA.”
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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 |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
