ECONOMIC INDICATORS – AUSTRALIA

Australian unemployment drops to 8.1% in September as employment soars to a record high above 13.7 million

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Oct-22

The latest Roy Morgan employment series data shows that 1.2 million Australians (8.1% of the workforce) were unemployed in September, down 161,000 (1.1%) from August. The number of Australians looking for full-time work fell 57,000 to 535,000 in September, and the number of people looking for part-time work was down 104,000 to 667,000. Some 1.56 million Australians (10.5% of the workforce) were under-employed – working part-time but looking for more work – up 59,000 from August. In total, 2.76 million Australians (18.6% of the workforce) were either unemployed or under-employed in September, up 72,000 on August. Meanwhile, employment increased by 218,000 to a record high of 13,705,000 in September. This was driven by a rise in both full-time employment (up 197,000 to 8,881,000) and part-time employment (up 21,000 to a record high of 4,824,000). Roy Morgan’s unemployment figure of 8.1% for September is more than double the ABS estimate for August of 3.5%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence drops 0.9pts to 84.6 after RBA raises interest rates to nine-year high of 2.6%

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Oct-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 84.6 in the week ended 9 October. It is now 21pts below the same week a year ago (105.6), and 5.9pts below the 2022 weekly average of 90.5. The fall in Consumer Confidence was patchy, with three States down (NSW, Victoria and WA) and two States increasing slightly (Queensland and SA). Now 23% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 44% (up 2ppts) say their families are ‘worse off’ financially. Some 32% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 1ppt) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 38% (up 2ppts) expect ‘bad times’. Meanwhile, 24% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 45% (up 2ppts) say now is a ‘bad time to buy’.

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

Homeowners rush to refinance their loans

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Original article by Patrick Commins
The Australian – Page: 4 : 5-Oct-22

Data from the Australian Bureau of Statistics shows that a record $19bn worth of home loans were refinanced in August. This is five per cent higher than in July, and 10 per cent higher than a year ago. Owner-occupiers refinanced some $12.8bn worth of home loans, while property investors refinanced $6.1bn worth of loans. The figures also show that new mortgage loan commitments fell 3.4 per cent to $27.4bn in August; there has been a 15 per cent decline in housing loan commitments since the Reserve Bank started increasing the cash rate in May.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence drops 2.3pts to 85.5 as AUD and ASX200 fall and the petrol excise is returned

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Oct-22

ANZ-Roy Morgan Consumer Confidence fell 2.3pts to 85.5 in the week ended 2 October. It is now 19.1pts below the same week a year ago (104.6), and 5.1pts below the 2022 weekly average of 90.6. The fall in Consumer Confidence was broad-based, with the index falling in all five mainland States – the first time that has happened since early August. Now 24% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 42% (also unchanged) say their families are ‘worse off’ financially. Some 31% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 31% (unchanged) expect to be ‘worse off’ financially. Only 6% (down 3ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 36% (up 3ppts) expect ‘bad times’. Meanwhile, 25% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 43% (down 2ppts) say now is a ‘bad time to buy’.

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

Roy Morgan Business Confidence up for a second straight month and back in positive territory at 100.7

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Original article by Roy Morgan
Market Research Update – Page: Online : 5-Oct-22

In September 2022, Roy Morgan Business Confidence rose 4.7pts to 100.7, the first time the index has increased in consecutive months so far this year. The index is now back in positive territory and at its highest since April 2022, before the Reserve Bank started raising interest rates in early May. However, Business Confidence is 12.5pts below the long-term average of 113.2. Some 43.6% (up 3.8ppts) of businesses expect ‘good times’ for the Australian economy over the next year, while 54.2% (down 4.1ppts) expect ‘bad times’. Meanwhile, 44.4% (up 0.9ppts) of businesses expect the business will be ‘better off’ financially this time next year, while 24.5% (down 2.4ppts) expect the business will be ‘worse off’. Businesses are split on whether to invest in growing their business; 44.8% (up 1.3ppts) say the next 12 months will be a ‘good time to invest in growing the business’, while 46.6% (down 2.8ppts) said it will be a ‘bad time to invest’ in growing the business.

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ROY MORGAN LIMITED

Australians are the world’s richest people: Credit Suisse

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Original article by Michael Read
The Australian Financial Review – Page: 3 : 21-Sep-22

Credit Suisse’s annual global wealth report shows that the median Australian adult had a net worth of $US273,900 at the end of 2021. This makes them richer than the comparable resident of any other country, according to the report. However, Australia ranked fourth on a mean wealth basis, behind Switzerland, the US and Hong Kong. The median Australian adult’s net wealth rose by $US28,450 during the calendar year, boosted by strong growth in share prices and the housing market. The number of millionaires in Australia rose to 2.18 million in US dollar terms in 2021, and Credit Suisse expects this to reach 2.94 million by 2026.

CORPORATES
CREDIT SUISSE AG

ANZ-Roy Morgan Consumer Confidence is virtually unchanged at 86.0 in mid-September

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Sep-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 86.0 in the week ended 18 September. However, it is now 17.3pts below the same week a year ago (103.3), and 4.9pts below the 2022 weekly average of 90.9. On a State-by-State basis most were up, including NSW, Queensland and WA but Victoria was down slightly. Now 23% (down 2ppts) of Australians say their families are ‘better off’ financially than this time last year, while 42% (up 1ppt) say their families are ‘worse off’ financially. Some 34% (up 2ppts) of Australians expect their family to be ‘better off’ financially this time next year, while 29% (down 3ppts) expect to be ‘worse off’ financially. Only 7% (down 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 35% (up 2ppts) expect ‘bad times’. Meanwhile, 23% (up 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 46% (down 2ppts) say now is a ‘bad time to buy’.

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

The Hidden Unemployed must not be ignored at the Jobs & Skills Summit

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Original article by Michele Levine
Market Research Update – Page: Online : 24-Aug-22

The latest Roy Morgan unemployment figures for July show that there are 1.25 million Australians out of work and looking for a job (8.5% of the workforce), and another 1.27 million who want to work more hours (8.6% of the workforce). However, the ABS unemployment figures say that only 3.4% of the workforce is unemployed (474,000). The key reason for the difference of over 770,000 people is the way being unemployed is defined. Roy Morgan asks a person who is not in paid employment if they are looking for paid work. If the answer is yes, Roy Morgan considers that person to be unemployed. The ABS classifies a person as unemployed only if, when surveyed, they have been actively looking for work in the four weeks up to the end of the reference week and if they were available for work in the reference week. That means anyone out of work for three weeks is never counted. The ABS also publishes an annual survey on ‘Potential workers’ which much more accurately captures the true level of unemployment in Australia. In late May 2022 the ABS released the latest version of this survey for the month of February. It showed that there were 1.8 million ‘Potential workers’ in Australia and another 900,000 under-employed workers – over 2.7 million Australians either wanting to work or wanting to work more hours. The remarkable aspect of this release is that the figures are so similar to those from Roy Morgan. These extra potential workers should not be forgotten in the deliberations at the federal government’s Jobs & Skills Summit.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence up by 1.4pts to 85.6 – highest since early June 2022

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Original article by Roy Morgan
Market Research Update – Page: Online : 24-Aug-22

ANZ-Roy Morgan Consumer Confidence rose 1.4pts to 85.6 in the week ended 17 August. It is now 16pts below the same week a year ago (101.6). In addition, Consumer Confidence is now 5.9pts below the 2022 weekly average of 91.5, but it is now at its highest since early June 2022. On a State-based level Consumer Confidence increased in New South Wales, Victoria, Queensland and South Australia; there was a slight decline in Western Australia, but Consumer Confidence in that State remains higher than any other State. Now 24% (down 1ppt) of Australians say their families are ‘better off’ financially than this time last year, while 42% (up 1ppt) say their families are ‘worse off’ financially. In addition, 32% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, and 30% (down 1ppt) expect to be ‘worse off’ financially. Only 9% (up 3ppts) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 34% (down 3ppts) expect ‘bad times’. Meanwhile, just 22% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items (the lowest figure for this indicator since the early stages of the pandemic in April 2020), while 46% (down 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

ANZ-Roy Morgan Consumer Confidence rebounds, up by 3.9pts to 84.2 – biggest weekly increase this year

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Aug-22

ANZ-Roy Morgan Consumer Confidence rose 3.9pts to 84.2 in the week ended 10 August. It is now 16.9pts below the same week a year ago (101.1). In addition, Consumer Confidence is now 7.5pts below the 2022 weekly average of 91.7, but it is now at its highest since late June 2022. On a State-based level Consumer Confidence was up in the two largest States of NSW and Victoria, as well as WA, but down in Queensland and SA. Now 25% (up 3ppts) of Australians say their families are ‘better off’ financially than this time last year, while 41% (down 2ppts) say their families are ‘worse off’ financially. In addition, 32% (up 3ppt) of Australians expect their family to be ‘better off’ financially this time next year, and 31% (down 4ppts) expect to be ‘worse off’ financially. Only 6% (unchanged) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 37% (down 8ppts) expect ‘bad times’. Meanwhile, just 23% (unchanged) of Australians say now is a ‘good time to buy’ major household items, while 49% (up 1ppt) say now is a ‘bad time to buy’.

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