Confidence slumps again

BUSINESS confidence, which looked like turning the corner in August, has again slumped in September, according to the latest Dun and Bradstreet national Business Expectations Survey.

Although 83 per cent of executives said they were completely confident of being able to lodge their first quarterly Business Activity Statement on November 11, the economic outlook appeared gloomy.

The survey revealed that more than 38 per cent of companies were spending “20-hours plus” on GST administration each month. A further 32 per cent spend between 10 and 20 hours, with the remaining 30 per cent spending less than 10 hours each month.

Dun & Bradstreet Australian and New Zealand director Christine Christian said the weaker business optimism was unexpected given that most businesses were confident of meeting their BAS requirements.

“The most worrying trend is that only a net nine per cent of employers are expecting to take on new staff in the new quarter,” Ms Christian said.