Local businesses have, apparently, grown tired of waiting for the Australian government to deliver.
Overall sentiment among Australian company directors has turned more negative over the last six months as they face the economic uncertainty generated by Britain's decision to leave the European Union and the election of Donald Trump as US president.
Despite these global headwinds, and growing pessimism regarding the Australian government's ability to deliver reform, local businesses are planning to increase investment and hire more people in the year ahead, according to a bi-annual survey by the Australian Institute of Company Directors.
"I think they have given up waiting for the government to fix policy settings," AICD managing director John Brogden said.
"Business is saying 'we are not going to wait for the government to do their part of the heavy lifting. We don't think they can do it, we don't think they can deliver the long term policy we want. We will get on and do it ourselves'."
The survey found directors more upbeat about business conditions locally. Confidence in business outlook rose 10 points over July to its highest level since 2013, according to the Ipsos-conducted Director Sentiment Index survey, which covered 987 AICD members.
As a result, 34 per cent of directors - the highest level in three years, expect their business to increase both staffing levels and investment next year.
Directors reported business growth over the last six months, and continued to be optimistic about the outlook, with almost 50 per cent of directors expecting growth in the coming year.
Still, the participants took a dim view of the state's role.
Nearly 80 per cent of directors surveyed said the federal government is having a negative impact on consumer confidence, and only eight per cent felt the government has a positive impact on business decision making.
"Business doesn't rely on government for everything, and nor should it. But it does rely on government for long-term policy and pro-business policy settings," Mr Brogden said.
The closeness of the July federal election and the government's weak numbers in the Senate has been interpreted by business as an inability to get on with long-term policy, according to the former politician.
"There is a heavy dose of realism in these survey numbers," he said.
"Usually, business sentiment has followed business actions. What this research is showing is that broader sentiment has not improved, but business has decided to get on with it.
"It's a good story for Australia, in that it is a cloud with a silver lining."
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