RCP is proud to continue as a supporting sponsor of the Property Council of Australia’s ANZ/Property Council Survey. ANZ Senior Economist, Felicity Emmett presented her expert opinion on the survey results for the September quarter, in an exclusive live Microsoft Teams event hosted by the Property Council and attended by RCP clients this morning. Provided below is RCP’s commentary in relation to the September quarter survey results.
The survey of national confidence demonstrated a convergence of sentiment across the states, with a slight upturn in confidence by 14 index points to 76 for the September quarter. Despite the increase in sentiment, it still remains in negative territory.
Of the respondents surveyed nationally, 60% are optimistic that the COVID-19 impacts on businesses will improve over the next 3 months, with the easing of public health restrictions and businesses returning to work.
Expectations increased for the national forward work schedule, moving from negative 22 index points to negative 8 over the quarter. Similarly, national staffing levels increased by 7 index points to negative 9 over the quarter.
The Federal Government performance index reached a record high, with national sentiment increasing from 1 to 48 index points. These results suggest a positive response to the government’s stimulus COVID-19 package and the effort to encourage job retention and economic activity, with 55% of respondents in favour of extending the Job Keeper program.
Construction activity expectations revealed the retail and hotel sectors remain the most impacted by COVID-19.
Although the negative results this quarter are to be expected in the current environment, there’s still cautious optimism in seeing an increase in positive sentiment for the next quarter.
To view full details of the latest ANZ/PCA survey results, please visit the Property Council of Australia website.