Consumer Confidence Soars Despite Political Chaos
Latest numbers from ANZ-Roy Morgan reveal consumer confidence surged last week, despite a major cabinet reshuffle and ousted Prime Minister. Despite the chaos, confidence jumped 2.1%, versus a 3.5% slump a week prior.
Roy Morgan CEO, Michele Levine, claims the results should “comfort” Australian businesses and retailers ahead of the Christmas season:
“The fact Australians are able to separate what are expected to be short-term Federal Government leadership concerns from worries about the performance of the broader Australian economy should provide comfort to businesses, and in particular retailers, heading towards the important Christmas retailing season over the next few months.”
Despite leadership tensions, ANZ-Roy Morgan’s consumer confidence index jumped 2.4pts to 116.5.
Household perception of current financial conditions has climbed 1.2%, with future financial sentiment surging 3.1%.
The results partially counteract a 7.6% slump recorded the previous week.
Consumer confidence surveys occurred over the weekend, starting the day after Scott Morrison was sworn in as Australia’s new Prime Minister.
Despite a lift in consumer confidence, ‘government confidence’ has plunged – diving 11pts over the weekend to 84.
According to Roy Morgan only 33.5% of Australians (down 6.4%) believe the country is ‘heading in the right direction’.
Further information is available on Roy Morgan’s website here.