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Financial News: Australia Business Conditions, Confidence Improve In Septe

Australia Business Conditions, Confidence Improve In September

10/05/2020 - 02:39:00 (RTTNews)

(RTTNews) - Australia's business conditions and confidence improved in September, survey data from the National Australia Bank showed Monday.

The business confidence index rose to -4 from -8 in the previous month. Confidence rose in all industries except finance, business & property services which was flat.

At the same time, the conditions index advanced to zero from -6 a month ago. Conditions returned to the levels seen in early 2020 though it remained well below average.

The improvement in conditions was driven by a rise in all three sub-components. Trading and profits logged positive figures and the employment index advanced eight points but remained in negative zone.

"While the improvement in conditions and confidence in the last few months has been promising, it is important to remember that in a levels sense, things are still weak," Alan Oster, NAB group chief economist, said.

"With forward orders still negative it is unlikely that capacity utilisation will be fully recovered in the near term," Oster added.

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