Australians are the most pessimistic about the economy and their own finances since the early days of the pandemic in April 2020. The result comes at a time where people are ‘squeezed’ by a cost of living crisis and rising interest rates. It’s from a regular survey of ‘consumer confidence’ conducted weekly by ANZ and the polling company Roy Morgan. Here’s a closer look.
Consumer Confidence
ANZ and Roy Morgan measure consumer confidence by asking a random survey of Australians a series of questions. Respondents are asked how they are feeling about their own finances and about the broader economy, both now and their expectations for a year from now. They are also asked whether they think it is a good time to buy a major household item. The answers to all of these questions became more negative throughout 2022 and have become even more so in 2023, leading to the worst consumer confidence result since April 2020.
Results for the Last Decade
Overall consumer confidence since 2013. The red line is the average result since 1990.
COVID beginsToday 2013 2023
A Closer Look
Almost half of respondents say their finances are worse now than a year ago. About a third expect them to be worse again next year. About two in five respondents believe we are in bad economic times now (only 7% said we are in good times, with the rest unsure). Most respondents are unsure what conditions will be like in a year. Over half of respondents say now is a bad time to buy a major household item.
