ANZ-Roy Morgan consumer confidence increased 1.3% on September 12/13, rising strongly in Perth and Brisbane but the bad news from Melbourne continued with consumer confidence falling in Melbourne by 5% after Stage 4 lockdown restrictions were extended until the end of September.
That bad news aside, driving this week’s increase was more Australians saying now is a ‘good time to buy’ a major household item and more families saying they are’ better off’ financially than this time last year and also expect their family to be ‘better off’ financially this time next year.
An increasing number of Australians, 37%, said now is a ‘good time to purchase a major household item.
ANZ head of Australian Economics, David Plank, said the weaker figures coming out of Melbourne suggests the announcement of the long path out of lockdown restrictions has negatively impacted sentiment.
“Confidence was also weaker in Sydney, dropping more than 3% from the previous week. But confidence was higher across regional Victoria and is now back above the neutral level of 100 in Perth,” he said.
“Across the sub-indices, the ‘time to buy a major household item’ index is above the neutral level of 100 for the first time since the end of June. It joins ‘future finances’ above the neutral level. As discussions pick up around the October budget, we will be watching for signs that talk about tax cuts and job creation measures may impact consumer confidence.”