Consumers feeling better about personal finances

Poppy Johnston | October 10, 2023

Australian consumers are feeling more cheerful about the economy and their personal finances.

Morale has been low since inflation and interest rates started going up last year but ANZ and Roy Morgan’s weekly index has been trending up of late.

While still in negative territory, the gauge ticked 1.9 points higher last week to hit 80.1 index points.

ANZ senior economist Adelaide Timbrell said this was the highest level since late February and positivity about personal finances was driving the trend.

The current finances measurement lifted 3.2 points last week, moving above 70 for the first time since April.

The growth may have been influenced by the wording of the question, which asks people to compare the state of their household balance sheet compared to this time last year, Ms Timbrell said. 

“It may also reflect wage and employment growth over the last year, which have offset some effects of inflation and higher rates for many households.”