After a steep and sustained rise since the start of the year, firms' views of the economic outlook and their own activity slipped this month, but the bank's chief economist, Cameron Bagrie, described the movements as marginal and insignificant.
"Confidence has taken a breather after a meteoric rise," he said.
A net 48 per cent of businesses expect better economic times over the year ahead, compared with 49 per cent in September, while a net 31 per cent expect their activity to pick up compared with 32 per cent last month.
Profit expectations have improved. The net 12 per cent expecting improvement in their bottom line is the strongest reading for five years.
"This is encouraging in terms of driving the next leg of the economic cycle, namely investment and jobs," Bagrie said.
Investment intentions improved but hiring intentions weakened. The movements were within the normal month-to-month volatility of the survey and it still pointed to a lack of conviction when it came to committing cold hard cash, Bagrie said.
Overall, results pointed to growth of around 2.5 per cent.
The sector which stood out is construction, outstripping other sectors in confidence, own activity, profit expectations and employment and investment intentions.
That was the area of the economy where inflation could quickly be generated, Bagrie said.
A net 14 per cent of respondents expect to raise prices, up from 9 per cent last month.
