Economic fears tank business confidence

On Wednesday, Westpac reported that Australian business confidence had “crumbled” amid “intensifying headwinds of high inflation and rapid fire RBA interest rate rises”:

Now Roy Morgan’s business confidence survey for February is out with confidence tanking 10.6 points to 95.8 in response to the RBA’s rate hikes and concerns surrounding the economy:

“The fall in Business Confidence in February reversed the increase of 10.4pts in January and was driven by rising pessimism about prospects for the next 12 months both for the performance of the Australian economy and the personal prospects of the business”, according to Roy Morgan.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.