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Roy Morgan has released its business confidence survey for May, which revealed that confidence remained near a seven year high despite retracing slightly.
The business confidence index fell 1 point (-0.8%) to 128.3 points but was up 33.3 points (+35.1%) on a year ago.
Business Confidence in June was 14.4 points above the long-term average of 113.9 with nearly two-thirds of businesses (64.8%) expecting ‘good times’ for the Australian economy over the next 12 months and a clear majority of 58.4% saying 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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