Consumer Confidence increases for seventh straight week

Confidence has strengthened for the seventh week running, up 2pts to 92.3. Now 24% (up 3ppts) of Australians say their families are ‘better off’ financially than this time last year and 36% (down 4ppts) say their families are ‘worse off’ financially.

37% (up 1ppt), expect their family to be ‘better off’ financially this time next year compared to 20% (unchanged) that expect to be ‘worse off’ financially. Just 7% (up 1ppt) expect ‘good times’ for the Australian economy over the next 12 months while 48% (up 2ppts) expect ‘bad times’. And in the longer term, 21% (up 2ppts) of Australians are expecting ‘good times’ for the Australian economy over the next five years compared to 18% (unchanged) expecting ‘bad times’.

In addition now 34% (up 4ppts) of Australians say now is a ‘good time to buy’ major household items, while 40% (up 1ppt) of Australians say now is a ‘bad time to buy’. Analysing Consumer Confidence at a state-based level shows Western Australia with the highest rating this week ahead of Victoria.

However the Australian Capital Territory, which has zero active cases of COVID-19, is higher than both with Consumer Confidence at 98.1 almost at the neutral level of 100.

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