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Australia ranks third for business optimism

Australia ranks third for business optimism article image
Australia ranks third after growth powerhouses China and India for business optimism according to the Grant Thornton International optimism/pessimism barometer. Almost four in five privately-held businesses surveyed in Australia indicated they are significantly more optimistic about the domestic economy compared to 2009, when optimism levels sat at just 11 percent.  The average global optimism level has improved by 40 percent compared to 12 months ago. Australian respondents also indicated the following:
  • 95 percent expect their revenue in 2010 to increase or remain the same.
  • 90 percent believe their profitability will hold steady or rise.
  • 95 percent will not make any additional staff cuts, and plan to build their workforce in 2010.
"The past year has been a testament to the Australian entrepreneurial spirit," said Tony Markwell, national head of Privately Held Business at Grant Thornton Australia. "Businesses have responded quickly and effectively to changing economic conditions by exploiting their size and flexibility as private entities." The barometer forms part of the 2010 Grant Thornton International Business Report, which gauges market sentiment from 7,400 business owners in 36 different economies. For more information on the report, see www.internationalbusinessreport.com.

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