Optimism among chief financial officers increased for the sixth straight quarter, with 43.7 per cent expressing rising sentiment and only 11.7 per cent expressing increased pessimism – the lowest level since the survey began more than four years ago, according to Deloitte’s third quarter survey.

“There is a clear shift to a more positive outlook this quarter as well as a level of optimism not seen in recent years,” said Sanford Cockrell III, national managing partner of Deloitte and head of the firm’s CFO Programme.

“While familiar risks remain on the radar, sentiment has ticked up from previous quarters.” The survey of more than 100 CFOs found that more than 60 per cent say this is a “good time” to be taking greater risks.

Amid the improving outlook, concerns remain over the European economy, government intervention and the future of tax policy.

The survey showed that sales growth expectations rose to 6.8 per cent from 6.1, the highest level since the third quarter of 2011. Earnings expectations were up to 10.9 per cent, the best showing since the first three months of 2013. In addition, 90 per cent expect year-over-year earnings gains, a new survey high.

Hiring expectations rose to 2.3 per cent from 1.6 per cent in the April-June quarter, the highest level since the second quarter of 2013.

More than half of CFOs, 58 per cent, expect gains with only 9 per cent expecting cuts.

But the report also had its share of negatives. Capital spending expectations declined to5 per cent from 6.8 last quarter, the lowest in a year.

“We may be seeing signs of a new, lower normal for capital spending levels,” said Greg Dickinson, a director at Deloitte who leads the survey.

“Some organisations may have developed excess capacity during the recovery, while others may now be less reliant on hard assets for growth, and more reliant on digital technologies that scale relatively inexpensively.”

Overall, 65 per cent expect moderate or high disruption from government regulation. About half expect at least moderate disruption from security threats and new competition.

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