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Roy Morgan’s business confidence index collapsed 12.8pts (-11.3%) to 100.2 in May amid the first interest rate rise in over a decade and the federal election.
The index is now tracking 22.4% below a year prior and is tracking at its lowest level since October 2020 (98.7) during Victoria’s second wave of COVID-19. It is also well below the long-term average of 113.6.
The business confidence index has dropped in all six States by at least 15% from a year ago:
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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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