Business confidence has risen back toward six-year highs in October despite the spectre of interest rate hikes, according to a leading survey.

The NAB monthly survey of business confidence had dipped slightly the previous month but rebounded quickly on the back of surging profits and high levels of consumer confidence.

The sentiment index increased two points to +16, with business conditions improving sharply – gaining nine index points to 12. As a result, conditions are now back to levels seen in early 2008 before the global financial crisis shattered confidence.

“While confidence has surged in recent times, business conditions had remained significantly below long term averages,” the researchers noted. “That has now changed.”

“After the surge from early 2009 the ongoing strength of confidence is remarkable.”

The news has caused some economists to revise their growth forecasts higher, and has increased the likelihood of a third straight rate hike next month – although this remains far from a certain bet.