Recent research has named the finance and insurance sector as one of the three most confident business sectors in Australia.
The Sensis Business Index June 2016 report has revealed that the confidence of small to medium-size businesses (SMBs) operating in the finance and insurance sectors has risen to a new high, joining the health and community services and the hospitality sectors as the most confident industries in Australia.
The report, which interviewed more than 1,000 small to medium-size businesses across Australia, showed that 67 per cent of SMBs in the finance and insurance sector feel confident because of good sales experienced in the past quarter and because they have “an established and solid business” and “specific business strengths”.
The sector also saw profitability, prices and wages rise over the past quarter. Despite better-than-average results, however, the main concern for the sector was falling sales, the report said.
The confidence of Australian SMBs in general has also reached its highest level in five years.
“Confidence is being driven by perceptions that the overall economic environment is improving," said Sensis chief executive John Allan, commenting on the reasons behind the confidence surge. "On top of this, the non-cyclical influences remain strong, with businesses continuing to feel particularly positive about their own specific business strengths."