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Financial News: Australia's Business Confidence Logs Post-Election Spike:

Australia's Business Confidence Logs Post-Election Spike: NAB

06/10/2019 - 23:23:00 (RTTNews)

(RTTNews) - Australia's business confidence strengthened in May after the Federal election, while conditions weakened signaling that the private sector continues to lose momentum, survey data from National Australia Bank showed Tuesday.

The business confidence index advanced to 7 points in May from zero a month ago, However, it is unlikely to persist at these levels given the weakness in other forward looking indicators, NAB said.

Meanwhile, the business conditions index fell 2 points to +1 in May, largely driven by declines in profitability and trading sub-components.

The profitability sub-index slid 4 points to -3 and the trading index declined 5 points to +3. On the other hand, the employment index rose to +2 points, following the sharp decline last month.

The exports sub-index held steady at -1 in May and that for stock remained at +1. The indicator for forward orders dropped to -3 from -2.

"Forward-looking indicators suggest that the bounce in confidence is likely to be short-lived and that conditions are unlikely to turn around any time soon," NAB Group Chief Economist Alan Oster.

"We will also continue to closely watch the employment index for a lead on any turning points in the labour market," Oster added.

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