Powered by MOMENTUM MEDIA
subscribe to our newsletter

Consumer confidence ticks up

After a sharp drop in the previous week, consumers’ view on the economic outlook in the next five years edged higher in the week ending 28 November.

The ANZ-Roy Morgan Australian Consumer Confidence report found that households’ views on economic conditions over the next 12 months edged 0.7 per cent higher this week.

In particular, the report noted that households’ view on the economic outlook for the next five years gained a “solid” 3.1 per cent.

The four-week moving average of inflation expectations also increased slightly to 4.0 per cent from 3.9 per cent last week.

Meanwhile, households’ view of their finances compared to a year ago fell 1.5 per cent during the same period, and their view of their future finances dropped 0.9 per cent.

Advertisement
Advertisement

ANZ head of Australian Economics Felicity Emmett commented: “Australian household confidence has come off the highs seen in August. This likely reflects consumers’ concerns over the recent loss of momentum in labour markets, with the pace of employment growth slowing, and persistently low wage growth.”

Ms Emmett added: “That said, confidence remains well above its long-run average. In the lead-up to the Christmas season, we will be watching consumer confidence as a key gauge for the outlook on spending.”

“After an earlier soft patch, momentum in retail sales has picked up over the past two months, and with confidence still elevated we expect this week’s retail data to show another solid rise.”

[Related: Consumer confidence on marginal ‘upward trend’]

Consumer confidence ticks up

PROMOTED CONTENT


>The ANZ-Roy Morgan Australian Consumer Confidence report found that households’ views on economic conditions over the next 12 months edged 0.7 per cent higher this week.

In particular, the report noted that households’ view on the economic outlook for the next five years gained a “solid” 3.1 per cent.

The four-week moving average of inflation expectations also increased slightly to 4.0 per cent from 3.9 per cent last week.

Meanwhile, households’ view of their finances compared to a year ago fell 1.5 per cent during the same period, and their view of their future finances dropped 0.9 per cent.

ANZ head of Australian Economics Felicity Emmett commented: “Australian household confidence has come off the highs seen in August. This likely reflects consumers’ concerns over the recent loss of momentum in labour markets, with the pace of employment growth slowing, and persistently low wage growth.”

Ms Emmett added: “That said, confidence remains well above its long-run average. In the lead-up to the Christmas season, we will be watching consumer confidence as a key gauge for the outlook on spending.”

“After an earlier soft patch, momentum in retail sales has picked up over the past two months, and with confidence still elevated we expect this week’s retail data to show another solid rise.”

[Related: Consumer confidence on marginal ‘upward trend’]

Consumer confidence ticks up
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Latest News

OPINION: Debt-to-income ratio limits: do they help, or hinder? With the average property in Australian capital cities now over $700,000, l...

The Treasurer has met with regulators to discuss the housing market and consider whether “carefully targeted and timely adjustments” ...

The platform has become the first private sector exchange accredited under the ​​Trusted Digital Identity Framework. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.