BankSA: small business confidence at 15-year record high

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Small business confidence in South Australia has reached a 15-year high, with manufacturing among the most confident sectors in the region right now, an independent survey says. 

The latest BankSA State Monitor survey released yesterday revealed that South Australians are more optimistic than ever when it comes to small businesses, with business confidence now up 4.3 points to 129.9 points – a decade high number for the region.

The survey, which had up to 300 small businesses and 300 consumers as respondents, also found that optimism will only continue to grow over the next 12 months (up 10 per cent).

BankSA attributes the surge in confidence among South Australian consumers to the state’s economic response to the COVID-19 pandemic.

“There is genuine optimism about our state’s outlook for the future and the economy across a range of sectors. South Australian confidence has been buoyed by our local handling of the pandemic…” explained David Firth, BankSA State General Manager Business Banking.

Manufacturing, agriculture and community services are among the most confident sectors thanks to an increase in employment.

“It’s particularly pleasing to see a significant jump in the number of small businesses that have employed staff in the past 3 months, as well as a growing sense of optimism in the overall business climate for the next year,” said Treasurer Rob Lucas.

“This bodes well for the state’s strong ongoing economic and jobs recovery as we continue to roll-out our record $4 billion in economic stimulus as well as the important COVID-19 vaccination program.”