September 23, 2023

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ANZ-Roy Morgan Client Confidence down 2.9pts to 77.0 after RBA raises rates of interest for a tenth straight assembly

2 min read

And the latest ANZ-Roy Morgan Consumer Confidence report exhibits that it dropped by 2.9pts to 77.0 this week – the bottom score since early April 2020 within the early days of the COVID-19 pandemic.

Client Confidence is now 18.8pts under the identical week a yr in the past, March 7-13, 2022 (95.8) and 5.7pts under the 2023 weekly common of 82.7.

Views on private funds deteriorated this week and have been the driving power behind the decline within the weekly index each in comparison with a yr in the past and looking out ahead over the subsequent yr.

Client Confidence was down across the nation this week and under 80 in all 5 mainland States after the RBA raised rates of interest for a file tenth straight assembly, up 0.25% to three.6%.

ANZ Senior Economist, Adelaide Timbrell, commented:

“Client confidence dropped to its lowest stage since April 2020, after the RBA introduced a 25bp improve within the money charge in March.

The sharpest decline in client confidence was within the present funds subindex, which dropped to its lowest since 2001.

Here is what the newest survey of client confidence discovered:

Present monetary circumstances

  • Now 19% of Australians (down 2ppts) say their households are ‘higher off’ financially than this time final yr in comparison with a majority of 52% (up 4ppts) that say their households are ‘worse off’ financially (the very best determine for this indicator (52.2%) for over 30 years since March 1991 – 52.7%).

Future monetary circumstances

  • Trying ahead, beneath a 3rd of Australians, 30% (down 2ppts), count on their household to be ‘higher off’ financially this time subsequent yr whereas over a 3rd, 37% (up 2ppts), count on to be ‘worse off’.

Present financial circumstances

  • Solely 6% (unchanged) of Australians count on ‘good instances’ for the Australian economic system over the subsequent twelve months in comparison with nearly two-fifths, 38% (unchanged), that count on ‘unhealthy instances’.

Future financial circumstances

  • Sentiment relating to the Australian economic system in the long term stays very weak with solely 11% (down 1ppt) of Australians anticipating ‘good instances’ for the economic system over the subsequent 5 years in comparison with 20% (up 3ppts) anticipating ‘unhealthy instances’.

Time to purchase a significant family merchandise

  • In the case of shopping for intentions now 19% (unchanged) of Australians, say now could be a ‘good time to purchase’ main home items whereas over half, 53% (unchanged), say now could be a ‘unhealthy time to purchase’.
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