Consumers’ faith in personal finances slip

success-growth-business-1Consumer confidence has again slipped with more people worried about their finances as jobs growth eases.

The ANZ-Roy Morgan Australian Consumer Confidence Index dipped 0.1 per cent to 115.4 in the week ending November 28, after having fallen 2.3 per cent the previous week.

ANZ head of Australian economics Felicity Emmett said consumers were not as confident of their finances although they had an improved outlook on the nation’s economy.

“Australian household confidence has come off the highs seen in August,” Emmett said.

“This likely reflects consumers’ concerns over the recent loss of momentum in labour markets, with the pace of employment growth slowing, and persistently low wage growth.”

Households’ views of their future finances dropped 0.9 per cent.

However, their views on economic conditions over the next 12 months edged 0.7 per cent higher, and their views of conditions over the next five years bounced 3.1 per cent.

The data is collected from face-to-face interviews with around 1,000 shoppers.


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