Malcolm Turnbull remains a one-man confidence compounding machine

‘This better be taken on Snapchat’. Photo: Christopher Pearce/Getty.

Before the release of tomorrow’s highly-anticipated NAB business confidence survey comes the news that the separate Roy Morgan business confidence index continued to push higher in October.

According to Roy Morgan, Business Confidence increased by 6.5 points, or 5.8%, to 119.3, the highest level seen since November 2014. It followed a 8.7% bounce in September that coincided with Malcolm Turnbull replacing Tony Abbott as Australian prime minister

The increase was a result of improvements across all components of the index, particularly those towards the economic outlook looking one and five years ahead.

Across the country confidence levels varied greatly with those dominated by services industries especially strong compared to those aligned with mining. Victoria recorded the strongest levels of confidence with New South Wales, Queensland, South Australia, Western Australia and Tasmania rounding out the list.

According to Norman Morris, Industry Communications Director at Roy Morgan Research, while Malcolm Turnbull has boosted confidence near term, whether it can be sustained beyond that timeframe is yet to be determined.

“In the three weeks before Malcolm Turnbull was elected by the party-room as PM, Roy Morgan Business Confidence was 104.2. Over the following three weeks it averaged 115.5, and it has now risen to 119.3′ said Morris.

“The challenge for the Federal Government is to continue to boost business confidence by delivering a clear and credible plan for the economy and showing that it is acting to implement the plan.”

The NAB’s business survey for October – that which is more closely watched by financial markets – will be released at 11.30am AEDT on Tuesday.

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