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\nPhoto: 123RF\n<\/p>\n
Business confidence jumps as firms report better past activity
\nThe closely followed measure of expected own activity also rose to its highest in more than a decade
\nOne-year ahead inflation expectations steady<\/p>\n
Business confidence has jumped to its highest level in 11 years.<\/p>\n
The ANZ Business Outlook survey showed headline confidence rising nine points to net 67 percent confidence in November.<\/p>\n
The more closely followed measure of businesses’ expected own activity also rose to the highest level in more than a decade – increasing eight points to net 53 percent.<\/p>\n
ANZ said reported past activity, the best indicator of economic growth in the survey, also looked brighter for every sector except construction, although it too was off its lows.<\/p>\n
“Green shoots are looking well established, if this month’s survey is anything to go by,” ANZ chief economist Sharon Zollner said.<\/p>\n
“It is particularly encouraging that the improvement in sentiment is rooted in an improvement in experienced activity, not just hope.”<\/p>\n
Zollner said “things are looking up”.<\/p>\n
Inflation expectations were steady, with one-year ahead inflation expectations at 2.69 percent.<\/p>\n