In the September ANZ Business Outlook Survey headline business confidence bounced 12 points to a net 38% of respondents reporting they expect general business conditions to deteriorate in the year ahead. Firms' perceptions of their own activity prospects lifted 4 points to a net 8% expecting an improvement, still well below the long-term average of +27%. By industry, retail expectations dropped 11 points to be by far the least positive about their own activity (-13%), while services is the most optimistic sector, consistent with a large contribution to GDP growth over the June quarter.