ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 83.4 this week.
The index has now spent a record 89 straight weeks below the mark of 85 and is now just seven points above the same week a year ago. It is also 1.3 points above the 2024 weekly average of 82.1.
ANZ economist Madeline Dunk said the stall in confidence comes as households feel more confident about the economic outlook, but less confident about their financial situation.
“The four-week moving average of the short-term and medium-term economic confidence subindices rose to a six-month high,” Dunk said.
“Across the housing cohorts, confidence amongst renters continues to move upwards, while confidence amongst mortgage-holders and outright homeowners has moved sideways in recent weeks.
“On a four-week moving average basis, confidence amongst renters is just 4.2pts below those who own their home outright.”
Now over a fifth of Australians (21 per cent - down 2ppts) say their families are ‘better off’ financially than this time last year compared to 49 per cent (up 1ppt) that say their families are ‘worse off’.
Views on personal finances over the next year have deteriorated this week with a third of respondents (33 per cent - down 3ppts), expecting their family to be ‘better off’ financially this time next year while 31 per cent (unchanged) expect to be ‘worse off’.
One-in-ten Australians (10 per cent - up 1ppt) expect ‘good times’ for the Australian economy over the next twelve months compared to 30 per cent (down 2ppts) that expect ‘bad times’.
Meanwhile, net sentiment regarding the Australian economy in the longer term was virtually unchanged this week with 11 per cent (unchanged) of Australians expecting ‘good times’ for the economy over the next five years compared to 20 per cent (down 1ppt) expecting ‘bad times’.
Buying intentions were also virtually unchanged this week with a fifth of Australians (20 per cent - unchanged) saying now is a ‘good time to buy’ major household items, compared to a large plurality of 48 per cent (down 1ppt) that say now is a ‘bad time to buy’ major household items.
A look at consumer confidence by state shows mixed results with the index up in New South Wales, down in Victoria, Queensland, and South Australia, and unchanged in Western Australia.