And just to muddy the waters a little more around business sentiment, Roy Morgan Research (RMR) has released its business confidence survey for October, which registered a large 8.0 point (6.5%) decline over the month to the lowest level since June and 9.8% below the peak recorded in October 2013 following the federal election, but above the average of the last four years (see next chart).
The decline in business confidence was across all components of the confidence index but was focused mainly on a more pessimistic outlook for the Australian economy and their own businesses over the next 12 months.
This is what I’d have expected given the rise on volatility in October and matches the decline in sentiment seen in the NAB survey earlier today.
Not sure what this says about the NAB survey business conditions rocket…
