Australian consumer confidence hits 2007 low

by Editor
Monday, September 17, 2007

Australian consumer confidence has fallen to its lowest point for 2007, according to the latest poll conducted by Roy Morgan.

The September Roy Morgan Consumer Confidence Rating fell 6.9 points on August, to 118.3–4.8 points below the 2007 average of 123.1. However, despite the recent decline, consumer confidence still remains 10 points above the same period last year.

Currently, fewer Australians (33%, down 7%) think their personal financial situation is better now than it was last year, while 27% (up 4%) say they are now worse off.

According to the Roy Morgan data, fewer respondents (39%, down 5%) expect to be better off financially this time next year, while 15% (up 2%) expect to be worse off.

Australians expectations regarding the economy have also declined. Expectations of good economic conditions in Australia over the coming year are at 40% (down 3%), while expectations of bad economic conditions over the coming year are at 23% (up 3%).