Roy Morgan has released its business confidence survey for July, which plunged by 11.1 points (-8.7%) to 117.2 after Sydney, Melbourne and Adelaide were placed in lockdowns:
Despite the sharp fall in July, Business Confidence has now averaged 123.6 during the first seven months of 2021, the best ever start to a year for the Index. The reading of 117.2 for July is also the highest level of Business Confidence in the mid-Winter month for seven years since July 2014 (119.1)…
Business Confidence in July 2021 was 3.3pts above the long-term average of 113.9 with nearly three-fifths of businesses, 59.9%, still expecting ‘good times’ for the Australian economy over the next 12 months and a bare majority of 52.3% saying the next 12 months is a ‘good time to invest in growing the business’…
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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.
