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Financial News: Australia Business Confidence Rebounds In June: NAB

Australia Business Confidence Rebounds In June: NAB

07/14/2020 - 01:12:00 (RTTNews)

(RTTNews) - Australia's business confidence and conditions rebounded in June, survey data from National Australia Bank showed Tuesday.

The business confidence index rose 21 points to 1 from -20 in May.

Business confidence turned positive after rebounding sharply from record lows over the past 3 months.

Confidence increased across all sectors except retail in June. Confidence was positive in all industries excluding retail and construction. Mining was the most optimistic across industries, while construction was weakest.

The business conditions index advanced to -7 in June from -24 a month ago. Nonetheless, conditions remained weak.

The improvement in conditions was driven by significant increases in trading, profitability and employment sub-components and a broad-based improvement across industries.

There were improvements in forward orders, capacity utilization and reported capex also logged an improvement but all remain at low levels.

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