Roy Morgan Update June 20, 2023: Voting Intentions, Consumer Confidence & Inflation Expectations

In this week's Market Research Update, we present the latest data on Voting Intentions, Consumer Confidence & Inflation Expectations.

Welcome to the Roy Morgan Weekly Update. Today we’re looking at bank home loan satisfaction and the latest research into car buying intentions with a focus on electric vehicles and Teslas in particular.

But first, a look at the key weekly indicators.

Last week in Federal politics has been variously described as ‘toxic’, ‘venomous’ and ‘shocking’ by media commentators and even by the politicians in the middle of it.

It created a real distraction from the cost of living, inflation, the war in Ukraine and ‘The Voice’.

The week started with the Coalition questioning whether Katy Gallagher misled the Parliament.

But, the strategy backfired spectacularly when Victorian Liberal Senator David Van rose to speak on the issue and was immediately accused of his own sexual misconduct.

As further allegations came to light Opposition Leader Peter Dutton removed Senator Van from the Liberal Party room and called for his resignation from Parliament.

Roy Morgan surveying showed clearly the whole episode served to once again undermine the Liberal Party’s attempts to improve its standing in the community – and especially with women – and this week we saw support increasing for the Government.

Support for the Albanese Government was up 1% to 57% vs. 43% for the Coalition on a two-party preferred basis.

Government Confidence – whether people think the country is going in the right direction or the wrong direction – also improved for the Government, up 4 points to 86.5.

Now 48.5% of Australians – say the country is ‘Heading in the Wrong Direction’ and 35% say it’s ‘Heading in the Right Direction’.

Clearly they don’t mean economically.

Consumers continue to struggle and ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 72.4.

Consumer Confidence has now spent 16 weeks below the mark of 80 – the longest period at recession levels since the index began. This is really worrying.

For the first time since the early days of the pandemic Consumer Confidence for all three housing groups – Home Owners, People Paying Off Their Homes and Renters has all dropped below 75.

Inflation Expectations have held steady at 5.5% for the third straight week. Australians still expect annual inflation to be 5.5% over each of the next two years.