Business confidence continued to slide last month to its lowest levels since June 2012 in ANZ's Business Outlook survey.
A net 13 per cent of respondents still expect the general business situation to improve over the coming year, a figure broadly in line with the long-term average, but that is down 11 points from August and 58 points from its peak last February.
"The finger can be pointed at politics this month," said ANZ chief economist Cameron Bagrie. "Businesses hate uncertainty." However, he added that when asked directly, businesses admitted the election had no real bearing on their activities. Other indicators from the survey were generally steady or better.
Firms' expectations for their own activity were unchanged at a net 37 per cent positive. Investment and hiring intentions both improved three points from August to a net 20 and 21 per cent positive respectively. Export intentions firmed.
"Yes, the economy has passed its peak. The latest GDP figures confirm a deceleration in momentum," Bagrie said.
But that just meant the cycle was now maturing from strong growth rates off lows to moderate growth off good levels, he said.