Powered by MOMENTUM MEDIA
subscribe to our newsletter

Business confidence falls slightly over November

New figures from Roy Morgan Research reveal that business confidence decreased last month but remains positive compared to previous years.

The latest findings from the firm revealed that business confidence dropped marginally by 0.6 points in November to 118.7 but remained above the five-year average of 116.9.

“It is a positive sign that Roy Mortgage Business Confidence has continued at a strong level, given the fact that the ASX not only declined during November but was also subject to considerable volatility,” Roy Morgan Research industry communications director, Norman Morris, said.

“Other potential negative impacts on confidence were major international events such as terrorist attacks and the global climate meeting in Paris.

“On the local scene, issues included a renewed focus on the budget deficit, the iron ore price and speculation on tax reforms.”

Advertisement
Advertisement

Mr Morris said there are some good indications that increased confidence in some sectors will help make up for the decline in mining.

“In November confidence increased in manufacturing, construction and accommodation/food services,” he said.

“The highest levels of confidence are currently in information/media/telecommunications and health care/social assistance.”

The research found that business confidence in November was highest in Tasmania, followed by Victoria, New South Wales, South Australia, Western Australia and Queensland.

Looking ahead, Mr Morris said in order to maintain strong business confidence, the federal government will need to take action that will “convince businesses that they have a clear, detailed and fair plan for budget recovery and economic growth”.

PROMOTED CONTENT


“The direction international events take will also have a major impact on business and consumer confidence but the government has only limited influence over these external factors,” he added.

[Related: Big banks under investigation for rate rigging]

Business confidence falls slightly over November
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

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