Despite 2.7-Point Drop of Business Confidence, Australian Business Owners Foresee Higher Revenue in Next 6 Months
By Vittorio Hernandez | April 29, 2014 4:53 PM EST
Businesses are still struggling to gain access to financing (Photo: Reuters)
But despite the dip, confidence is generally high for the first quarter of 2014 at 14.3 points. It is the second-highest reading since CBA started making the survey in September 2011.
The survey found that 35 per cent of Aussie businesses expect conditions to improve in the next six months, down from 47 per cent in the 4th quarter of 2013.
Over half expect revenue to increase and 46 per cent anticipate an improvement in profit.
The decline notwithstanding, CBA chief economist Michael Blythe said, "With risk appetite, business capex and labour hiring expected to increase, this bodes well for the broader economy. Stabilisation of the jobs market is needed to support consumer confidence and the growth transition to non-mining activity will be driven by greater investment in the mid-market."
Adam Bennett, executive general manager for Local Business Banking of CBA, said survey results indicate a sense of optimism among small business owners. He pointed out that "Overall economic conditions look largely positive, with strong employment growth, low interest rates and a healthy housing market supporting improving business confidence and spending patterns."
To contact the editor, e-mail:
Most Popular Slideshows
- NFL MNF: Washington Redskins 20, Dallas Cowboys 17 (OT) [PHOTOS]
- Emma Watson Gets 'Squished' In 'Colonia Dignidad' [PHOTOS]
- 2014 MLB World Series Game 6: Kansas City Royals 10, San Francisco Giants 0 [PHOTOS]
- San Francisco Giants Beat Kansas City Royals, 3-2 In Game 7, Wins 2014 MLB World Series [PHOTOS]
Join the Conversation
- Russia Warns Citizens – Take Selfies, Have Lice
- The Cost Of Getting Infected With Ebola
- Ebola Divides The US: More States Begin Applying Stricter Guidelines Than What CDC Imposed
- Canadian House Owners Preferring To Live In Core City Than In Suburbs: Study
- FIFA May Keep Russia and Ukraine Apart in World Cup 2018
- Marvel Announces Release Dates Of 11 Upcoming Movies From 2015 To 2019
- Xiaomi Becomes World’s Third Largest Smartphone Manufacturer By Dethroning Huawei
- Entry Of Peshmerga Fighters From Iraq Boosts The Kobani Battle Against ISIS: Turkey Provides Transit
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Nexus 6, 9 Buyers on November Release Will Enjoy These 3 Killer Lollipop 5.0 Features First
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight
- Woman Hanged In Iran Talks Abuse In Prison, Left Chilling Message To Family