{"id":170853,"date":"2024-08-16T13:30:55","date_gmt":"2024-08-16T03:30:55","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=170853"},"modified":"2024-08-16T09:23:39","modified_gmt":"2024-08-15T23:23:39","slug":"current-australian-consumer-confidence","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/current-australian-consumer-confidence\/","title":{"rendered":"ANZ-Roy Morgan Consumer Confidence up 2.6pts to 83.9 after the RBA leaves interest rates unchanged again"},"content":{"rendered":"

I keep careful track of consumer confidence because it's a good indicator of what's ahead for our economy and property markets.<\/p>\n

\n
\n

And the latest ANZ-Roy Morgan Consumer Confidence report<\/a> shows it increased 2.6pts to 83.9 this week after the Reserve Bank of Australia left interest rates unchanged.<\/p>\n

However, despite the improvement, looking longer-term the index has now spent a record 80 straight weeks below the mark of 85.<\/p>\n

\"Consumer<\/p>\n

Consumer Confidence is now 5.7 points above the same week a year ago, August 7-13, 2023 (78.2), and is now 3.1 points above the 2024 weekly average of 81.8.<\/p>\n

The driver of the week\u2019s increase was increasing confidence about personal finances \u2013 especially as it relates to comparisons to a year ago which recorded its best net result for over 18 months since January 2023 including the highest proportion of Australians saying they are \u2018better off\u2019 financially than a year ago since November 2022.<\/p>\n

\n

Consumer confidence increasing in\u00a0 most states<\/span><\/h2>\n

A look at Consumer Confidence by State shows the index increasing in most States including Victoria, Queensland, Western Australia and South Australia, but down slightly in New South Wales<\/p>\n

ANZ\u00a0 Economist, Madeline Dunk, commented<\/a>:<\/p>\n

\"ANZ-Roy Morgan Australian Consumer Confidence rose 2.6pts last week, pushing the four-week moving average to a six-month high of 83.2pts.<\/p>\n

All of the subindices improved, but there was a particularly big jump in household\u2019s confidence in their current financial conditions.<\/p>\n

The subindex lifted 7.1pts, recording its largest weekly rise since late last year.<\/p>\n

This takes the four-week moving average to its highest level since March 2023.<\/p>\n

The rise may be linked to the RBA\u2019s decision to keep rates on hold last week.<\/p>\n

It is also possible that households are starting to feel the positive impact of the Stage 3 tax cuts on their finances.<\/p>\n

Notably, the four-week moving average for the \u2018time to buy a major household item\u2019 subindex recorded its second highest reading since February 2023.\"<\/p><\/blockquote>\n

Here's what the latest survey of consumer confidence found:<\/span><\/h2>\n
\n
\n
\n
\n
\u00a0Current financial conditions<\/strong><\/div>\n
\n
\n
    \n
  • Now nearly a quarter of Australians, 24% (up 3ppts), say their families are \u2018better off\u2019 financially than this time last year (the highest figure for this indicator for nearly two years since November 2022) compared to 47% (down 4ppts) that say their families are \u2018worse off\u2019 (the lowest figure for this indicator for 18 months since February 2023).<\/li>\n<\/ul>\n<\/div>\n
    \n

    Future financial conditions<\/strong><\/p>\n<\/div>\n

    \n
      \n
    • Views on personal finances over the next year have improved this week with nearly a third of respondents, 32% (up 2ppts) of Australians expecting their family to be \u2018better off\u2019 financially this time next year while a third, 33% (down 1ppt), are expecting to be \u2018worse off\u2019.<\/li>\n<\/ul>\n<\/div>\n
      \n

      Short-term economic confidence<\/strong><\/p>\n<\/div>\n

      \n
        \n
      • Fewer than one in ten Australians, 9% (up 1ppt) expect \u2018good times\u2019 for the Australian economy over the next twelve months compared to over a third, 34% (unchanged), that expect \u2018bad times\u2019.<\/li>\n<\/ul>\n<\/div>\n
        \n

        Medium-term economic confidence<\/strong><\/p>\n<\/div>\n

        \n
          \n
        • Net sentiment regarding the Australian economy in the longer term was virtually unchanged this week with only 10% (unchanged) of Australians expecting \u2018good times\u2019 for the economy over the next five years compared to nearly a fifth, 19% (down 1ppt), expecting \u2018bad times\u2019.<\/li>\n<\/ul>\n<\/div>\n
          \n

          Time to buy a major household item<\/strong><\/p>\n<\/div>\n

          \n
            \n
          • Buying intentions were also virtually unchanged this week with just nearly a quarter of Australians, 24% (up 2ppts) saying now is a \u2018good time to buy\u2019 major household items compared to a large plurality of 47% (up 1ppt) that say now is a \u2018bad time to buy\u2019 major household items.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
            <\/div>\r\n
            <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

            I keep careful track of consumer confidence because it’s a good indicator of what’s ahead for our economy and property markets. And the latest ANZ-Roy Morgan Consumer Confidence report shows it increased 2.6pts to 83.9 this week after the Reserve Bank of Australia left interest rates unchanged. However, despite the improvement, looking longer-term the index…<\/p>\n","protected":false},"author":3,"featured_media":160255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,1118],"tags":[],"class_list":["post-170853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates","category-news-and-features"],"acf":[],"yoast_head":"\nANZ-Roy Morgan Consumer Confidence up 2.6pts to 83.9 after the RBA leaves interest rates unchanged again<\/title>\n<meta name=\"description\" content=\"I keep careful track of consumer confidence because it's a good indicator of what's ahead for our economy and property markets. 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