ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 64.3 this week, and remains one of the lowest readings on record.
Consumer confidence is a large 21.1 points lower than a year ago, and is now 8.7 points below the 2026 weekly average of 73.0.
Consumer confidence in mid-April was the fourth lowest in the index stretching back over 50 years since 1972.
Although views on personal finances improved compared to a year ago, there was a matching deterioration in terms of expectations for the Australian economy’s future performance.
Now 15 per cent (up 3ppts) of Australians say their families are ‘better off’ financially than this time last year, compared to a majority of 57 per cent (down 2ppts) that say their families are ‘worse off’.
Net views on personal finances over the next year were unchanged this week, with 21 per cent (up 2ppts) of respondents expecting their family will be ‘better off’ financially this time next year, while 45 per cent (up 2ppts) expect to be ‘worse off’.
Meanwhile, 4 per cent (unchanged) of Australians are expecting ‘good times’ over the next year for the economy, compared 53 per cent (up 3ppts) who expect ‘bad times’.
In the longer-term, 6 per cent (unchanged) of Australians expect ‘good times’ for the economy over the next five years, compared to a third (33 per cent – up 4ppts) expecting ‘bad times’.
Net buying intentions were virtually unchanged this week, with 15 per cent (up 1ppt) of respondents saying now is a ‘good time to buy’ major household items, compared to 51 per cent (unchanged) that say now is a ‘bad time to buy major household items’.
ANZ economist Sophia Angala said confidence overall slipped just 0.2 points this week, driven by weaker economic confidence. This came amid the release of the March Labour Force Survey from the Australian Bureau of Statistics (ABS), which showed the unemployment rate holding at 4.3 per cent.
“Overall, higher fuel prices and recent weakness in consumer confidence are likely to see consumer spending slow,” Angala said.
“Weekly inflation expectations rose to 7.1 per cent last week, the third-highest result since the series began in 2010. In a fireside chat last week, RBA Deputy Governor Hauser noted that inflation in Australia is too high and highlighted the importance of keeping inflation expectations anchored. We continue to expect the RBA to increase the cash rate by 25bp in May.”
An analysis by state shows consumer confidence improved in New South Wales, Queensland, and Western Australia, but was down in Victoria and South Australia.