Business confidence remains robust
Business confidence remains robust, despite easing back slightly this month.
The latest ANZ bank survey shows a net 67 per cent of firms are optimistic, down 4 points from the previous month.
Despite the dip, ANZ said confidence remained elevated, compared with the long-term average of just 10 per cent net positive.
Taking into account the usual seasonal patterns, the headline figure rose from 65 per cent net positive to 69 per cent.
"Life on the prairie looks pretty good for businesses despite most indicators nudging marginally lower over the month," ANZ said.
Companies' own activity expectations also eased slightly but at a net 58 per cent positive remained "stratospheric" ANZ said.
Expected profits were strong too at net 40 per cent, despite dipping 5 points.
And a net 27 per cent of businesses expected to hire more staff.
The composite growth measure is still signalling the potential for 6 per cent growth.
"The economy doesn't have anywhere near the resource capacity for that rate to be achieved," ANZ said.
"However, we'll side with the vibe - the economy is trundling along nicely."