ANZ-Roy Morgan Consumer Confidence Remains Steady at 76.4

⚡️ Highlights: Here are the top 5 takeaways from the article:

1. ANZ-Roy Morgan Consumer Confidence remains low: Consumer Confidence has been below the mark of 85 for a record 44 straight weeks, indicating continued pessimism among consumers.

2. Consumer Confidence varies across states: Confidence levels were up in Victoria, Queensland, and South Australia, but down in New South Wales and Western Australia.

3. Current financial conditions: 19% of Australians say their families are better off financially compared to last year, while 57% say they are worse off.

4. Future financial conditions: 32% of Australians expect their family to be better off financially next year, while 36% expect to be worse off.

5. Buying intentions decline: After the end of the Black Friday sales period, fewer Australians believe it is a good time to buy major household items, with 54% saying it is a bad time.

A Detailed Analysis of Current Consumer Confidence in Australia

The latest ANZ-Roy Morgan Consumer Confidence index reveals a stable figure of 76.4 this week, marking a record 44 consecutive weeks below the 85-point threshold. This stability in consumer confidence is noteworthy, especially considering the index is currently 6.3 points lower than the same period last year (November 28 – December 4, 2022, which stood at 82.7) and slightly below the 2023 weekly average of 77.8.

State-Wise Variations in Consumer Confidence

The index shows varied trends across different Australian states. Victoria, Queensland, and South Australia witnessed an uptick in consumer confidence, while New South Wales and Western Australia experienced a decline.

Insights into Financial and Economic Conditions

  • Current Financial Conditions: Approximately 19% of Australians feel their families are financially better off than last year, a slight decrease from previous figures. Conversely, 57% believe they are worse off, indicating a growing concern about personal financial situations.
  • Future Financial Expectations: Looking ahead, nearly a third of Australians (32%) are optimistic about their financial situation improving next year, while 36% anticipate being worse off.
  • Current Economic Outlook: The outlook for the Australian economy over the next twelve months remains unchanged, with 8% expecting good times and 39% bracing for bad times.
  • Long-Term Economic Forecast: Expectations for the economy over the next five years have slightly worsened, with 11% predicting good times (down 1 point) and 22% expecting bad times.

Consumer Sentiment on Major Purchases

Post-Black Friday sales, there has been a decline in the number of Australians who believe it’s a good time to buy major household items, with only 20% holding this view (down 3 points). Conversely, 54% now believe it’s a bad time to make such purchases, an increase of 5 points.

Expert Commentary

ANZ Senior Economist, Adelaide Timbrell, commented on the findings, noting that a significant turnaround in inflation is likely required for a meaningful increase in consumer confidence in 2024. The index remained virtually unchanged last week, ahead of the December RBA Board meeting. The decline in buying intentions post-Black Friday offset the positive impact of improved future financial conditions confidence. Weekly confidence among homeowners paying off mortgages surpassed renters for the first time since October 2022, but on a four-week average, homeowners are still the least confident group.


The ANZ-Roy Morgan Consumer Confidence index provides a crucial insight into the economic sentiment of Australians. The stability of the index, despite being below the yearly average, reflects the cautious optimism and concerns of consumers in the current economic climate. Understanding these trends is vital for businesses, policymakers, and economists in shaping strategies and policies that align with consumer sentiment and economic realities.

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