Confidence spikes in wake of election

federal-government/roy-morgan/

12 November 2013
| By Staff |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

5 days 6 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 6 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

1 week 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5