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Australian businesses have continued to demonstrate their growing confidence, with levels at their highest since November 2014.
Roy Morgan Research has announced that business confidence has increased by 6.5 points in October to 119.3, delivering an increase of 5.8 per cent.
According to Roy Morgan, the strongest gains in confidence came as businesses develop an increasingly positive outlook on the economy and their prospects over the next 12 months and five years respectively.
As a result of this outlook, respondents noted that they would be more inclined to invest in their business currently.
“It is a potentially good sign for the economy that Roy Morgan Business Confidence has continued to improve in October, given the positive impact the change of PM already had in September,” said Norman Morris, industry communication director of Roy Morgan Research.
“Over the last month, confidence among businesses of all sizes has improved, as has the feeling that the next 12 months will be a good time to invest in business growth.”
According to Mr Morris, some issues arose during the month which threatened to waver confidence levels.
“Some headwinds emerged during the month, with issues relating to housing prices possible peaking, higher mortgage rates, continued volatility in global financial markets, high household debt and widespread publicity and uncertainty regarding tax reforms.
“A positive outlook by business towards investing is the key stimulus to the economic growth the government is looking for,” Mr Morris concluded.