AUSTRALIA faces a long road to economic recovery, even if business gains a short-term boost in confidence from the election of a majority coalition government, new research suggests.
A survey of small and medium sized enterprises (SMEs) in August found that just 23 per cent of respondents expect the domestic economy to improve within 12 months.
The survey of 1022 SMEs by business software provider MYOB released on Tuesday found 35 per cent expect an improvement to take to one to two years, while 26 per cent expect it will take more than two years.
Confidence results were a little weaker than those reported in MYOB's previous Business Monitor released in March.
The results correspond with a dip in revenue expectations for this financial year, with only a quarter anticipating a revenue rise, down from 30 per cent six months ago.
Twenty-two per cent are expecting a fall (up from 19 per cent) and 44 per cent are expecting stable revenue (up from 42 per cent).
MYOB chief executive officer Tim Reed believes political uncertainty in the lead up to the election was likely to have had a strong influence on the results.
"We hope to see a boost in SME confidence now the election verdict is in, but our research suggests it will be a slow road to significant improvement in the health of our economy and our business outlook," Mr Reed said.
"The financial confidence of the country's small to medium business operators is closely linked to the health of our economy and it is telling us a clear story."
He said while SMEs welcome record-low interest rates, they also recognise it as a sure sign the domestic economy is experiencing slowed growth.
Two industry sectors stood out as being particularly gloomy about the outlook - only 13 per cent of agribusiness owners saw an improvement in the economy within a year, while 35 per cent of manufacturing and wholesale business owners expect a revenue fall this year.
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