Consumer sentiment subdued ahead of Budget

The ANZ-Roy Morgan Consumer Confidence Index has remained nearly steady at a level of 111.3 points in the week ending April 29.

Worries about future finances has continued to weigh on overall consumer confidence amid high household debt and low wage growth.

The ANZ-Roy Morgan Consumer Confidence Index was basically steady at a level of 111.3 points in the week ending April 29, up from 111.2 in the previous week, and close to the 100-point level separating optimism and pessimism.

This follows two consecutive weeks of decline.

However, there was some improvement in survey respondents' views towards economic outlook.

Expectations for economic conditions in the next 12 months were less pessimistic, lifting 2 per cent in the week, while expectations for economic conditions over the next five years also ticked higher, by 0.7 per cent points.

But, respondents' views about future finances were less optimistic, falling a sharp 3.6 per cent.

ANZ's head of Australian economics David Plank said federal budget-related news had tended to have an impact on consumers' views towards the economy.

"We don't expect any significant policy surprises that will hit households' pockets in this year's Budget, suggesting that any impact on confidence from this event may be modest," he said.


Share
1 min read

Published

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world