ANZ-Roy Morgan Consumer Confidence virtually unchanged at 76.4 this week before the RBA meets for the final time in 2023
ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 76.4 this week. Consumer Confidence has now spent a record 44 straight weeks below the mark of 85. Consumer Confidence is now 6.3pts below the same week a year ago, November 28 – December 4, 2022 (82.7) and over 1 point below the 2023 weekly average of 77.8.
Looking around the States Consumer Confidence was up in Victoria, Queensland and South Australia, but down in New South Wales and Western Australia.
Current financial conditions
- Nearly a fifth of Australians, 19% (down 1ppt) say their families are ‘better off’ financially than this time last year compared to a growing majority of 57% (up 2ppts) that say their families are ‘worse off’.
Future financial conditions
- Looking forward, nearly a third of Australians, 32% (up 5ppts), expect their family to be ‘better off’ financially this time next year while 36% (down 4ppts), expect to be ‘worse off’.
Current economic conditions
- An unchanged 8% of Australians expect ‘good times’ for the Australian economy over the next twelve months compared to almost two-fifths, 39% (down 1ppt), that expect ‘bad times’.
Future economic conditions
- Net sentiment regarding the Australian economy in the longer term is down this week with 11% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to over a fifth, 22% (unchanged), expecting ‘bad times’.
Time to buy a major household item
- Buying intentions declined this week after the end of the Black Friday sales period with 20% (down 3ppts) of Australians saying now is a ‘good time to buy’ major household items while an increased majority of 54% (up 5ppts), say now is a ‘bad time to buy’.
ANZ Senior Economist, Adelaide Timbrell, commented:
A serious turnaround in inflation would likely be required to see ANZ-Roy Morgan Australian Consumer Confidence move meaningfully higher in 2024. The overall index remained practically unchanged last week ahead of the December RBA Board meeting, continuing the very long weak streak. We expect the RBA to hold. The Black Friday bounce in the ‘time to buy a household item’ subindex in the previous week faded, offsetting the positive impact of better future financial conditions confidence during the week. Weekly confidence among those paying off their homes surpassed renters for the first time since October 2022, but those paying off their homes are still the least confident by far on a four-week average.
Check out the latest results for our weekly surveys on Business Confidence, Consumer Confidence, and Voting Intention as follows:
Roy Morgan Business Confidence Statistics
ANZ – Roy Morgan Consumer Confidence Statistics
Federal Voting – Government Confidence Rating
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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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 |
