Australian SMEs are generally unenthusiastic about the current environment and more optimistic about the year’s fourth quarter – a mood reflected by manufacturing SMEs – according to an economic survey released today.
The Westpac- Melbourne Institute SME Index found that business confidence increased overall from Q2 to Q3, and saw a “reasonable” increase for every state except South Australia.
Among manufacturing SMEs, there was pessimism shown by the Current Conditions Index, (reflecting this quarter, and which had a result of 77.1) and optimism in the Future Conditions Index (reflecting the next quarter and showing a result of 108.6).
A result above 100 is a net positive.
The overall SME Current Conditions score was 78.2, and overall Future Conditions score 112.9.
“It’s pleasing to see a strong uplift in business optimism,” said general manager of SME Business Bank at Westpac, Julie Rynski.
“These results are a solid recovery from a weaker level last quarter with a promising view for the lead in to Christmas.”