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Roy Morgan has released its business confidence index for January, which recorded a 2.2% decline after four consecutive months of gains.
Nevertheless, the index remains 7.1 points above the long-term average of 113.4, as well as 18.9 points higher than the same time last year, suggesting confidence remains robust:
Most importantly, “a clear majority of 61.7% of businesses expect ‘good times’ for the Australian economy over the next 12 months and a majority of 52.9% of businesses said the next 12 months is a ‘good time to invest in growing the business’ “.
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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.
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