Recent reports indicate that business confidence has risen in Australia over recent months. According to Roy Morgan Research, business confidence rose 2.4% in January, bringing the figure above the 6 year average. Increasing confidence about the Australian economy seems to underpin the result, with a majority of businesses expecting “good times” over the next 12 months, and 54.5% of respondents expecting “good times” over the next 5 years. Business confidence has shown strong rises in Victoria, Western Australia, Tasmania and Queensland.
The industries with the strongest business confidence include education and training, transport, post, warehousing, healthcare, construction and agriculture. Mining was the least confident sector, even though results for 2016 exceeded expectations. In December 2016 Australia posted a record trade surplus, driven by big jumps in coal and iron ore exports.
Roy Morgan’s latest results in consumer confidence is also good news. David Plank, ANZ Bank’s Head of Australian Economics is quoted as saying: “Overall… confidence remains above trend, and is likely to remain elevated in the longer term… supported by solid economic fundamentals and accommodative monetary conditions… We expect a solid rise in employment given the strength in business conditions and leading employment indicators.”
Keep your own confidence up. Don’t get sucked into negative news stories (bad news abounds because bad news sells!!). Truth be told, the experts are backing solid economic performances in the short and mid-term. Move towards your new life with a sense of joy and anticipation. There’s so many reasons to look forward to your new life in business in Melbourne and its surrounds. The population is booming, and services are in increasing demand.
If you’re looking to buy a business, we’d love to help you on your journey. Telephone First Choice Business Brokers on 9899-1888 for a confidential discussion.