ECONOMIC INDICATORS – AUSTRALIA

ANZ-Roy Morgan Consumer Confidence down 2.4pts to 75.8 as Australian Dollar hits lowest since November 2022

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Original article by Roy Morgan
Market Research Update – Page: Online : 23-Aug-23

ANZ-Roy Morgan Consumer Confidence fell 2.4pts to 75.8 in the week to 20 August, and it has now spent a record 25 straight weeks below the mark of 80. Consumer Confidence is now 9.8pts below the same week a year ago (85.8), and 2.3pts below the 2023 weekly average of 78.1. Consumer Confidence was down in the three largest States of New South Wales, Victoria and Queensland, but up slightly in both Western Australia and South Australia. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 53% (unchanged) say their families are ‘worse off’ financially. Some 29% (down 2ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (up 2ppts) expect to be ‘worse off’ financially. Only 7% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 39% (up 3ppts) expect ‘bad times’. Meanwhile, 18% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 55% (down 2ppts) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Investment in new Australian wind and solar farms stalls amid ‘raft of barriers’, report finds

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Original article by Peter Hannam
The Guardian Australia – Page: Online : 23-Aug-23

Data from the Clean Energy Council shows that only four proposed renewable energy projects reached financial closure during the June quarter. The four wind and solar projects will have a combined generation capacity of 348 megawatts, while their combined investment value is just $225m; this compares with a rolling 12-month average of $1.3bn. CEC CEO Kane Thornton says the lack of political leadership, planning and foresight over the last decade has resulted in significant barriers to investment in clean energy projects in Australia. He adds that these barriers make Australia less attractive at a time when there are significant clean energy investment opportunities worldwide.

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CLEAN ENERGY COUNCIL LIMITED

July monthly Inflation Expectations were unchanged at 5.6% – but have now dropped to 5.2% in mid-August

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Aug-23

In July 2023, Australians expected inflation of 5.6% annually over the next two years, unchanged from June. This also matches the Inflation Expectations of four months ago in March 2023, but is down 0.3% points from a year ago in July 2022 (5.9%). Although Inflation Expectations have been stable over the last few months they have fallen during the early weeks of August. The latest weekly Inflation Expectations are now at 5.2% in mid-August, down for two consecutive weeks since late July – the first consecutive weekly drops in the measure since late April. The softening in Inflation Expectations in recent weeks suggest that the Reserve Bank’s decision to leave interest rates unchanged in July and August may be the correct decision; however, there are still significant pressures in the economy. The data for the Inflation Expectations series is drawn from the Roy Morgan Single Source, which has interviewed an average of around 5,000 Australians aged 14+ per month over the last decade and includes interviews with 5,968 Australians aged 14+ in July.

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ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence up 3.2pts to 78.2 – as perceptions of personal finances improve

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Aug-23

ANZ-Roy Morgan Consumer Confidence rose 3.2pts to 78.2 in the week to 13 August. Despite this week’s improvement, the index has now spent a record 24 straight weeks below the mark of 80. Consumer Confidence is now 6.2pts below the same week a year ago (84.2), and in line with the 2023 weekly average of 78.2. Consumer Confidence increased in Victoria, Queensland, Western Australia and South Australia, but it was down slightly in New South Wales. Now 21% of Australians (up 4ppts) say their families are ‘better off’ financially than this time last year, while 53% (down 4ppts) say their families are ‘worse off’ financially. Some 31% (up 3ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 34% (down 4ppts) expect to be ‘worse off’ financially. Only 7% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 36% (down 2ppts) expect ‘bad times’. Meanwhile, 20% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 57% (up 3ppts) say now is a ‘bad time to buy’.

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ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

RBA warns job market may be about to sour

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Original article by Michael Read, Tess Bennett
The Australian Financial Review – Page: 4 : 16-Aug-23

The minutes of the Reserve Bank of Australia’s board meeting for August show that it considered increasing the cash rate to 4.35 per cent. However, indications that the jobs market may at a "turning point" are among the reasons why the board opted for a second successive monthly pause. The RBA cited factors such as a small rise in the official underemployment rate, a fall in hiring intentions and improved labour availability as signs that the jobs boom may be coming to an end. Meanwhile, economists say weaker-than-expected wages growth will strengthen the case for the cash rate to remain on hold for an extended period.

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RESERVE BANK OF AUSTRALIA

IR laws to help workers by closing loopholes

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Original article by Ewin Hannan
The Australian – Page: 2 : 16-Aug-23

Data from the Australian Bureau of Statistics show that wages increased by 0.8 per cent in the June quarter, the same pace as the two previous quarters. Wages growth eased to 3.6 per cent in the year to June. Workplace Relations Minister Tony Burke says that after 11 quarters of wages not keeping up with prices, the moderating inflation rate has caught up with wages growth. He adds that while the federal government’s first tranche of industrial relations reforms in 2022 were aimed at lifting wages across the board, the second tranche is aimed at closing loopholes that affect the wages of individual workers. Burke says the reforms will have a "very modest" economy-wide impact on wages.

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AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

ANZ-Roy Morgan Consumer Confidence drops 3.4pts to 75.0 – as perceptions of personal finances deteriorate

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Aug-23

ANZ-Roy Morgan Consumer Confidence fell 3.4pts to 75.0 in the week to 6 August, fully erasing the gains of the previous week. Consumer Confidence has now spent a record 23 straight weeks below the mark of 80, beating the all-time record of five months from September 1990 to January 1991 when the index was conducted on a monthly rather than a weekly basis. Consumer Confidence is now 5.3pts below the same week a year ago (80.3), and 3.2pts below the 2023 weekly average of 78.2. Consumer Confidence was down in all five mainland States. Now 17% of Australians (down 3ppts) say their families are ‘better off’ financially than this time last year, while a new record high majority of 57% (up 4ppts) say their families are ‘worse off’ financially. Some 28% (down 5ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 38% (up 4ppts) expect to be ‘worse off’ financially. Only 6% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (unchanged) expect ‘bad times’. Meanwhile, 19% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 54% (unchanged) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

ANZ-Roy Morgan Consumer Confidence jumps 3.2pts to 78.4 – biggest two week jump since April 2020 after inflation softens

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Original article by Roy Morgan
Market Research Update – Page: Online : 2-Aug-23

ANZ-Roy Morgan Consumer Confidence rose 3.2pts to 78.4 in the week to 30 July, to its highest since late April. However, Consumer Confidence has now spent 22 straight weeks below the mark of 80, equalling the all-time record from September 1990 to January 1991 when the index was conducted on a monthly rather than a weekly basis. Consumer Confidence is now 5.7pts below the same week a year ago (84.1), and just 0.1pts above the 2023 weekly average of 78.3. Consumer Confidence was up in NSW, Victoria and SA, but down slightly in Queensland and WA. Now 20% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 53% (also unchanged) say their families are ‘worse off’ financially. Some 33% (up 3ppts) of Australians now expect their family to be ‘better off’ financially this time next year (the highest figure for this indicator since February 2023), while 34% (down 2ppts) expect to be ‘worse off’ financially. Only 7% (up 1ppt) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 38% (down 2ppts) expect ‘bad times’. Meanwhile, 21% (up 3ppts) of Australians say now is a ‘good time to buy’ major household items, while 54% (down 3ppts) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

New home approvals fall to weakest in four years

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Original article by Michael Bleby
The Australian Financial Review – Page: 30 : 2-Aug-23

Data from the Australian Bureau of Statistics shows that there was a 7.7 per cent decline in new housing approvals in June. A total of 175,790 new dwellings were approved in the year to 30 June, with approvals for detached dwellings falling by 13.8 per cent and attached homes down by 10.5 per cent. Maree Kilroy of Oxford Economics Australia says demand and supply for housing are moving in opposite directions, which will result in a sizeable dwelling deficiency over the coming years. Separate data shows that new home loan commitments fell by 22.1 per cent to $298.4bn in 2022-23.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, OXFORD ECONOMICS AUSTRALIA PTY LTD

ANZ-Roy Morgan Consumer Confidence jumps 2.6pts to 75.2 after decision to replace RBA boss Phil Lowe with Michele Bullock

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Original article by Roy Morgan
Market Research Update – Page: Online : 26-Jul-23

ANZ-Roy Morgan Consumer Confidence rose 2.6pts to 75.2 in the week to 23 July, to its highest since early June. However, Consumer Confidence has now spent 21 straight weeks below the mark of 80, the longest stretch below 80 since the index began being conducted on a weekly rather than a monthly basis in October 2008. Consumer Confidence is now 7.2pts below the same week a year ago (82.4), and 3.1pts below the 2023 weekly average of 78.3. Consumer Confidence was up in New South Wales, Victoria, Queensland and WA, but down slightly in South Australia. Now 20% of Australians (up 3ppts) say their families are ‘better off’ financially than this time last year, while 53% (down 4ppts) say their families are ‘worse off’ financially. Some 30% (up 2ppts) of Australians now expect their family to be ‘better off’ financially this time next year, while 36% (down 4ppts) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 40% (down 2ppts) expect ‘bad times’. Meanwhile, 18% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 57% (also unchanged) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ