The Roy Morgan Consumer Confidence Rating is currently at 112 points, down 3.4 points week-on-week, and 0.6 points lower on the same weekend last year, according to the latest results from Roy Morgan’s Consumer Confidence survey carried out on the weekend (8 and 9 September 2012).
The Roy Morgan survey revealed that Australians have less confidence about the Australian economy over the next 12 months, less confidence about their financial situation compared with a year ago, and less people saying ‘now is a good time to buy major household items’.
Roy Morgan believes the weaker confidence resulted from the large falls in the price of iron ore last week – apparently the lowest since the global financial crisis.
The failure of the Reserve Bank to lower interest rates (currently at 3.5%) was also noted as a major impediment to businesses which continue to face a strong A$ and a higher price of borrowing compared to those overseas.
The weekly Roy Morgan Consumer Confidence Rating is based on 1,024 face-to-face interviews conducted Australia-wide with men and women aged 14 and over (www.roymorgan.com).
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