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Roy Morgan’s latest business confidence report, based on a survey of 1,376 business owners, found confidence has increased by 9.1 per cent from April to 114.7 in May.
This marks the highest level since January 2015 (114.9), however it remains below the five-year average of 117.3 and the peak of 136.3 in October 2013.
The level of positive outlook has increased across the majority of business owners in May, with 60 per cent of participants stating they expect good economic conditions in Australia over the next 12 months, compared to 51 per cent in April.
The data also revealed that 63 per cent of participants had a positive, long-term outlook for the Australian economy over the next five years, compared to 56 per cent in April.
“The increase in business confidence in May was most likely the result of a generally positive immediate media reaction to the federal Budget and its focus on small business,” according to Roy Morgan industry communications director Norman Morris said.
“However, the tax incentive in the Budget has only had a minor impact on the level of businesses considering that the next 12 months would be a good time to invest in growing their business.”
Currently, 57 per cent think it is a good time to invest in growth, up from 53 per cent in April, Mr Morris noted.
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