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Consumer confidence highest since February

Consumer confidence in Australia has reached its highest point since February, according to research from Roy Morgan.

Source: Roy Morgan

Australians are now more confident about the economy over the next twelve months, the study found, with 33% of Australians expecting ‘good times’ economically compared to 29% who expect ‘bad times’. The proportion of optimists is up 4%, while the level of pessimism has fallen by 1%.

Over the next five years 35% – a rise of up 1% – of Australians expect the country’s economy to have ‘good times’ economically, while 20% – down 1% – expect ‘bad times’.

A larger majority of Australians – 58%, up 2% – now say it is a ‘good time to buy’ major household items. But 18% (up 2%) of Australians say now is a ‘bad time to buy’ major household goods.

“Roy Morgan Consumer Confidence has increased for the second straight week after the major banks followed the lead of the RBA and cut interest rates on home loans,” said Gary Morgan, executive chairman of Roy Morgan Research.

He added: “Improving consumer confidence in October comes after a slight fall in September. Business confidence also fell in September although the improving consumer confidence gives hope of a rebound in October business confidence.”

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