According to figures posted by the National Australian Bank's monthly survey, business confidence across the country saw a rise of 2 index points in the month of October and now stands at a figure of over 16 points. The rise has come after a drop recorded in September.

In light of the newly recorded increase, the bank has nudged its 2009-10 growth forecast, confident that the numbers would not fall. The bank has shared that the rise in business confidence has been supported by improving markets and business conditions that are now "sharply higher".

"While confidence has surged in recent times, business conditions had remained significantly below long term averages. That has now changed. After the surge from early 2009 the ongoing strength of confidence is remarkable", NAB shared.

The main areas which recorded growth, strength and success in October, as revealed by the bank's survey, were "construction, transport and personal and recreational services". Businesses have also benefitted from the fact that consumer confidence is on a rise across the country.