Consumer confidence stagnates pre-budget | Australian Broker News
News
Consumer confidence stagnates pre-budget
Now on its 67th week under the 86-point mark
In the week main as much as the Federal Budget, the ANZ-Roy Morgan Consumer Confidence Index remained regular at 80.2, persevering with its 67-week pattern under the 85-point mark.
This stagnation occurred because the nation anticipated new finances measures geared toward addressing cost-of-living pressures.
Consumer confidence state-by-state
Consumer confidence different throughout Australia, with declines in Victoria, Western Australia, and South Australia, whereas New South Wales and Queensland noticed slight enhancements.
Financial views
About 20% of Australians really feel financially higher off than final yr, in line with earlier weeks, whereas 50% really feel worse off, a slight enhance in unfavourable sentiment.
Expectations for the following yr remained steady with 32% optimistic about enchancment, however an equal proportion anticipating monetary decline.
Economic outlook
Only 9% of Australians count on financial enchancment within the subsequent 12 months, reflecting pervasive cautiousness amidst ongoing financial challenges.
Long-term confidence additionally waned, with solely 11% optimistic in regards to the subsequent 5 years, whereas 22% predict harder instances forward.
Consumer spending intentions
There was a notable lower within the variety of Australians who assume it is a good time to purchase main home goods, with solely 19% in favor, the bottom to date this yr. Conversely, 52% imagine it is a unhealthy time to make such purchases, marking the very best stage of pessimism recorded in 2024.
“Consumer confidence fell 3.8 factors for these paying off a mortgage, reaching a 2024 low,” Dunk stated. “This sentiment is even weaker than that amongst renters, probably influenced by discussions suggesting extended excessive charges.”
She additionally famous the decline in confidence relating to the economic system’s five-year outlook and buying circumstances for main objects, each hitting their lowest factors for the yr.
The ANZ economist stated that they’re anticipating a possible rise in confidence following the finances announcement.
Get the most popular and freshest mortgage information delivered proper into your inbox. Subscribe now to our FREE every day publication.
Related Stories
Keep up with the most recent information and occasions
Join our mailing record, it’s free!
