The Reserve Bank is widely expected to cut interest rates by 0.25 per cent (or 25 basis points) today. The rate cut is probably necessary to revive the economies of southern states, which Queensland businesses have declining confidence in, according to new data from the Commonwealth Bank-CCIQ Pulse Survey report (from p. 2):
The survey has particularly good news for North and Far North Queensland:
Of particular note, the North and Far North Queensland regions are enjoying their highest levels of business confidence for over 3 years, suggesting businesses are significantly rallied by State Government commitments for major infrastructure and industry development programs in these regions.
This confidence means businesses are more likely to invest and hire new staff in these regions.