Roy Morgan has released its business confidence survey for February, which surged 19 points to 120.5 as the Omicron wave receded:
In February 2022 Roy Morgan Business Confidence jumped by 19pts (+18.7%) to 120.5. This is the biggest monthly increase during the pandemic and essentially returns Business Confidence to its pre-Omicron level came after the Omicron variant spread rapidly during December 2021 and early January 2022 but then quickly declined during February.
During the month of January there were over 2 million reported new COVID-19 cases around Australia, which represented the peak of the Omicron surge. The high cases continued into early February but were already rapidly declining from the month before and for the entire month there were around 720,000 cases of COVID-19 reported – fewer than half of the previous month.
The full text of this article is available to MacroBusiness subscribers
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.
