Roy Morgan business confidence collapses amid Melbourne shutdown

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From Roy Morgan Research:

In July 2020 Roy Morgan Business Confidence plunged 10.7pts (-11.3%) to 84.3 led by large drops in Victoria (-12.5%), Queensland (-13.3%), Western Australia (-18.2%) and South Australia (-32.1%). Business Confidence in July was well below its level in either June (95.0) or May (89.9).

The fall in July was driven by businesses becoming increasingly concerned about the Australia’s economic prospects. An increasing majority of 70.8% (up 9.2ppts) said they expected ‘bad times’ for economy over the next year and 59.9% (up 13.2ppts) expected ‘bad times’ for the economy over the next five years.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.