Business confidence hit a record high in October following the election of the new Federal Government, research reveals.
After two years of significant confidence fluctuations, more than three quarters of businesses (76.7 per cent) said they were anticipating favourable financial results in the next 12 months, while 80 per cent expected good conditions in the next five years, according to a Roy Morgan survey.
The rating of 136.3 was the highest confidence score since the research — which comprises almost 3000 interviews — began.
The mining sector in particular recorded a spike in confidence, up 19.1 points to 156.4 on the scale, followed by administrative and support services, which lifted 12.1 points to 134.9.
Roy Morgan director of business research Nigel Smith said the results reflected the business community's endorsement of the new Government.
"The mining industry clearly believes the change in Government will have a beneficial impact on their businesses, despite what appears to be an otherwise negative outlook for that industry," he said.