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Category: Economic Trends / Business, Economics and Finance / Work / Community and Society

Survey finds optimism rising for SA business and consumers

Friday, 5 Aug 2016 04:45:28

Adelaide (ABC Adelaide: Brett Williamson)

Consumer and business confidence are rising in South Australia, the latest BankSA State Monitor survey has found.

"It's a really promising sign for the state's economy. It's obviously coming off a slightly lower base for the last six months but it's really heading in the right direction, " BankSA chief executive Nick Reade said.

Consumer confidence is up 6.5 points to 107.1 — the best improvement in three years — while business confidence has rebounded from a three-year low of 99.9 to notch 103.1 in the latest survey.

The survey works from a base of 100 points, either adding or deducting points so any score higher than 100 indicates more optimism than pessimism.

Mr Reade said consumers were growing more confident about the employment outlook.

"They're certainly seeing that confidence in their own situation, household situation, their own jobs, they're certainly feeling a bit better about that and also more confidence in the ability to get another job, so what we call job mobility has improved dramatically as well," he said.

"Businesses are feeling more confident about the business climate, they're certainly looking to invest more in their business, which is a good sign and also looking to employ more people."

Positive sentiment is also evident in regional South Australia, with consumer confidence either close to or above the 100 points benchmark.

"I don't think there's a single business or consumer measure that we've had in regional South Australia at a macro level that isn't heading north," Mr Reade said.

"Relatively that's a good thing [but it has] still got a long way to go and a lot of challenges [remain] in regional South Australia."

The State Monitor involves a statewide telephone survey of 300 consumers and 300 small business owners or managers.

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