Business signals good times are back as Qld recovers its mojo

Business confidence grew the strongest in Queensland last month and 13 industries are now above the neutral level nationwide in the latest Roy Morgan survey.

Nov 27, 2020, updated Nov 27, 2020
Business confidence jumped the most in Queensland last month as retailers rebounded.

Business confidence jumped the most in Queensland last month as retailers rebounded.

Nationally, the retail sector has surged back with renewed vigour. Business confidence in the sector jumped 55 per cent in November, following the end of lockdowns in Victoria.

It found business confidence was now in positive territory in four states in November, with South Australia leading the way before its COVID-19 lockdowns.

It was followed by Western Australia NSW and then Queensland, which jumped 18 points which Roy Morgan said was a result of the certainty brought about by state election which returned Labor with in an increased majority.

“Over the last two months business confidence in Queensland has increased by a large 52.5 per cent as political uncertainty has been resolved and borders have begun opening up,’’ the survey company said.

Nationally, a majority of 13 industries now had positive confidence, which is the best result since February.

Those industries with the highest confidence were Transport, Postal & Warehousing (144.6), Public Administration & Defence (141.8), Property & Business Services (135.6), Wholesale (123.0) and Mining (116.1).

Industries which have had a boost in confidence were Education & Training (110.1), Construction (109.5) and Community Services (109.4) which are all now above the national average.

Roy Morgan chief executive Michelle Levine said the survey showed Australian businesses were becoming increasingly bullish about their current circumstances.

She said 50 per cent of businesses expected “good times’’ for the Australian economy over the next year, a 20.5 per cent increase since September and the highest figure for this indicator since October 2018.

“Even better, now 57.9 per cent of businesses say ‘now is a good time to invest in growing the business’, up 17.2 per cent points since August – and the highest figure for this indicator for nearly seven years since January 2014.

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