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Roy Morgan’s business confidence survey has collapsed to its lowest level since September 2020 during the middle of Victoria’s second COVID wave hard lockdown.
Overall confidence plummeted to 90.2 points (down 6.4 points) driven by worries about the performance of the economy and followed seven consecutive interest rate hikes by the Reserve Bank of Australia:
Business confidence is now down 20.2% year-on-year.
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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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