Growing business confidence in New South Wales and Victoria has pushed the national confidence of business owners to a 15-month high.
According to the latest Sensis Business Index, business confidence has risen three percentage points to 59 percent, up 11 percent from the same time last year. This is largely due to strong results from NSW and Victoria, says Christena Singh, author of the report. "This is positive news for the national economy as both these large economies have been experiencing soft confidence levels for a prolonged period of time."
According to the index, Australian businesses are feeling more confident because of good consumer demand, and their recent experiences in doing business.
Small business perceptions about the current state of the economy have also improved to the most positive in three and a half years, and the index shows a major in great in small business support for the Federal Government.
The survey shows small businesses hold the Federal Government in high regard because its industrial relations policies show strong support for small business. Overall, 22 percent of SME owners said they believed new workplace relations laws have a positive impact, while five percent believe they have a negative impact.
In regards to state and territory governments, the Northern Territory government was the most supported, with the New South Wales government being the least supported state or territory government for the 13th successive year.