Roy Morgan Update November 21, 2023: ALP Support drops, Consumer Confidence & Mortgage Stress

In this week's Market Research Update, we present the latest data on Primary Voting Intention, Consumer Confidence & Mortgage Stress.

Welcome to the Roy Morgan Weekly Update.

And today we see support for the Albanese Government dropped for the third straight week in mid-November, down 0.5% to 49.5% on a two-party preferred basis and behind the Liberal-National Coalition on 50.5%

Roy Morgan Government Confidence saw an increase of 3.5 points to 69.5 – recovering from a record low last week. (You may recall last week Government Confidence dropped 15 points to 66).

A large majority of Australians (58%) still say the country is heading in the wrong direction and only 27.5% say the country is heading in the right direction.

In terms of primary voting intention now 37.5% say they would vote for the Coalition, up 1% on a week ago and well ahead of the Labor Party on only 29.5%, down 0.5%.

A further 13.5% support the Greens, 6.5% support One Nation while 7% support Independents and 6% support Other Parties.

ANZ-Roy Morgan Consumer Confidence was virtually unchanged this week at 74.7.

Inflation Expectations increased slightly this week, up 0.1% to 5.6%.

Australians are now expecting annual inflation to be 5.6% over the next two years – an increase over the monthly figure for the month of October of 5.3%.

The price of petrol is a very visible sign of inflation and a key reason for rising Inflation Expectations.

Australian petrol prices have now spent a record 15 straight weeks above $1.90 per litre and were at an average retail price of $2.02 per litre this week – although far higher in many parts of the country.