Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

Finance remains most confident sector: report

Finance and insurance was again the most confident sector in September as business confidence reached a 10-month high.

Released yesterday, the Roy Morgan Research Business Confidence survey found that business confidence is now only 13.4 points (9.8 per cent) below the peak of 136.3 in October 2013 following the election of the new government.

Business confidence improved by 5.9 per cent in September to its highest level since January 2014, according to Roy Morgan Research.

Advertisement
Advertisement

“The improvement in business confidence in September was due largely to the increase in optimism about the next 12 months for the Australian economy and the positive impact that this would have on the financial position of businesses,” Roy Morgan Research industry communications director Norman Morris said.

“This improved outlook was a result of a number of factors, including issues relating to the Budget going relatively quiet due to an increased focus on international events and the blocking by the senate of a number of major changes,” Mr Morris said.

“Other positive impacts were interest rates being kept low, house prices continuing to rise and unemployment remaining unchanged,” he said.

“Confidence in the key areas of retail, construction and manufacturing, which were seen as making up for a slowdown in the mining industry, all remain below average in September although the construction industry is showing tentative signs of improvement in outlook.”

The worsening Budget position is likely to begin impacting on business confidence as is the declining stock market and the difficulty of getting a number of key measures passed by the senate which is likely to lead to a new revised Budget, Mr Morris said.

“With some small signs that business will consider increasing investment in the next 12 months, banks will need to improve their dealings with customers as shown by Roy Morgan Business Bank Satisfaction, which remains well below the satisfaction level of the banks’ personal customers,” he said.

 

Finance remains most confident sector: report
mortgagebusiness

Latest News

Expectations of an increase in margin pressures and a “significant deterioration” in asset quality have prompted Moody’s to downgrade ...

Liberal senator for WA, Dean Smith, is calling on lenders to convert principal and interest home loans for investors into interest-only repa...

The central bank of New Zealand has frozen the distribution of dividends on ordinary shares across all banks in the New Zealand market, aff...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.