Roy Morgan has released its business confidence survey for March, which dived 13.8 points (-12.9%) after Russia invaded Ukraine and petrol prices spiked:
There were falls across the index, although businesses are still broadly positive about the future with a majority of 50.5% of businesses expecting ‘good times’ for the Australian economy over the next year while almost half, 46.7% of businesses, say the next 12 months will be a ‘good time to invest in growing the business’.
On a State-based level there were monthly decreases across the board in March with the largest declines in the re-opened Western Australia, down 28.6pts (-21.9%) to 101.8, Victoria, down 16.9pts (-13.4%) to 108.8, South Australia, down 13.7pts (-11.2%) to 108.8 and Queensland, down 10.8pts (-9.9%) to 98.7.
Another bad reading for the Morrison Government ahead of next month’s election.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
