The latest NAB Monthly Business Survey results for February 2021 confirm that business confidence in Victoria is the lowest in Australia, leaving many businesses second guessing their future.
Business confidence in Victoria is now at 12 points, lower than any other state. Business confidence in New South Wales is at 19 points, and nationally it is at 16 points.
Victoria was also the only state where trend business confidence fell in February 2021, down by 3 points.
Business conditions in Victoria also continue to lag behind most of Australia. Victoria is at 11 points, compared to New South Wales at 18 points, Western Australia at 28 points, and nationally it is at 15 points.
These figures were recorded during the month in which Victoria endured its third harsh lockdown due to Labor’s failures in managing the COVID-19 pandemic.
Comments attributable to Shadow Treasurer Louise Staley:
“The latest survey results from NAB show that Victorian businesses are still less confident about the future than their counterparts in the rest of Australia.
“Victoria was already behind the rest of Australia due to a recession that had started here before the COVID-19 pandemic.
“Since exiting the harsh lockdown caused by the second wave of COVID-19 that came from Labor’s bungled hotel quarantine program and inadequate contact tracing, Victoria’s economic recovery has been lagging behind the rest of the country. We’ve seen that in jobs figures, we’ve seen it in retail trade, and we’re continuing to see it in business confidence.
“The business community would feel more confident about the future if they knew support would be forthcoming when they need it. Instead, many businesses feel abandoned by the Andrews Labor Government.”