The Reserve Bank left the official cash rate at 2% for the third consecutive month as new data shows business confidence is on the rise.

“Data from National Australia Bank shows business conditions and confidence have benefited from the tax measures targeted at micro businesses in the Federal Budget, with conditions and confidence both rising by 2% respectively,” Mortgage Choice chief executive officer John Flavell said.

The data showed positive momentum across all sectors and businesses, including small-to-medium sized enterprises. “Confidence is now positive for all industries outside of the mining sector, which is something the Reserve Bank would be acutely aware of,” said Flavell.