ANZ-Roy Morgan Consumer Confidence up 1pt to 81.8 to end 2023 at its highest since early February 2023
ANZ-Roy Morgan Consumer Confidence increased 1pt to 81.8 this week, a second straight weekly increase to end the year at its highest since early February 2023. However, despite the increase, Consumer Confidence has now spent a record 46 straight weeks below the mark of 85.
Consumer Confidence has ended 2023 only 0.7pts below the same week a year ago, December 12-18, 2022 (82.5) and nearly 4 points above the 2023 weekly average of 78.0.
The 2023 weekly average of 78.0 is a record low for the index, below the previous record low of 82.6 in 1990 over 30 years ago.
There were mixed results around the States with Consumer Confidence up in New South Wales and South Australia, but down slightly in Victoria, Queensland, and Western Australia.
The drivers of this week’s increase related to slightly improved views on personal financial situations and the Australian economy’s performance over the next year.
Current financial conditions
- Now a fifth of Australians, 20% (down 2ppts) say their families are ‘better off’ financially than this time last year compared to a slim majority of 51% (unchanged) that say their families are ‘worse off’.
Future financial conditions
- Looking forward, over a third of Australians, 34% (up 3ppts), expect their family to be ‘better off’ financially this time next year (the highest figure for this indicator for over ten months since January 2023) while 33% (unchanged), expect to be ‘worse off’ (the lowest figure for this indicator for over ten months since January 2023).
Current economic conditions
- A slightly increased 10% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months (incredibly, this is the highest figure for this indicator for over 18 months since May 2022 – just after the RBA first raised interest rates) compared to a third, 33% (down 3ppts), that expect ‘bad times’ (the lowest figure for this indicator since February 2023).
Future economic conditions
- Net sentiment regarding the Australian economy in the longer term is down slightly this week with 12% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to a fifth, 20% (up 2ppts), expecting ‘bad times’.
Time to buy a major household item
- Buying intentions were slightly improved this week with 21% (up 1ppt) of Australians saying now is a ‘good time to buy’ major household items while a slim majority of 51% (down 2ppts), say now is a ‘bad time to buy’.
ANZ Senior Economist, Adelaide Timbrell, commented:
ANZ-Roy Morgan Australian Consumer Confidence edged higher but is still very weak compared to the long run average. The increase in confidence in recent weeks has been driven by outright homeowners and those paying off their homes, perhaps buoyed by rises in housing prices and the potential stabilisation of rates. Confidence about future finances has exceeded the neutral level for the second time since January 2023. There are limits to the overall increase in confidence though, as households continue to face the impacts of rapid inflation. Renter confidence has been trending down, perhaps due to low vacancy rates driving stronger rent growth, among other rapidly rising living costs.
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 |
