Business confidence is at the highest level since September 2013 with the June NAB Monthly Business Survey recording a two point increase to +10 index points.

Business conditions also recorded strong levels, with a five point rise, up to +11 index points in June – the highest level since last October.

NAB Group Economics reported that ‘improvements in both confidence and conditions over recent months are starting to suggest a more convincing turnaround in the non-mining sectors is underway’.

NAB’s GM Small Business Bannatyne said that the survey had reflected what he was seeing across the business and hearing from customers.

“We’re optimistic about the future and so are our customers,” Mr Bannatyne said.

“My small business customers, accountants, restaurateurs and tradespeople, are cautiously confident about the future. A lower currency, low interest rates and the new federal budget measures are setting up small business well.

“Off the back of the small business package in the federal budget, 45% of our micro businesses, and 52% of our small businesses say the impact on SME confidence was very positive.

“With small businesses earning nearly three in ten dollars earned by all businesses in Australia, anything that supports the growth of this segment is great news.

“The current economic environment, and a federal government that is committed to building a sustainable future for small business, means the future is looking bright. We expect to continue to see innovative ideas flourish, and we look forward to working with the people behind them as their businesses grow.”

Read the full survey here: NAB Monthly Business Survey – June 2015