Aussie business confidence collapses

Roy Morgan’s business confidence survey tanked in October amid growing concerns about the Australian economy.

Overall confidence plummeted to 96.6 points (down 4.1 points) driven by worries about the performance of the economy over the next year (down 1.4ppts) and the economy over the next five years (down 5.4ppts):

The business confidence index is down in all States from a year ago although three States are now in positive territory with Business Confidence above the neutral level of 100 and three States are in negative territory below 100:

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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.