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Financial News: Australia Business Confidence Remains Weak: NAB

Australia Business Confidence Remains Weak: NAB

02/05/2020 - 23:00:00 (RTTNews)

(RTTNews) - Australia's business confidence remained unchanged at a low level in the fourth quarter, survey data from National Australia Bank showed Tuesday.

The business confidence index was stable at -1 point and remained well below average, suggesting firms to do not expect a material turnaround in activity in the near term.

At the same time, the business conditions indicator gained 2 points to +4 in the December quarter.

"Our assessment is that forward looking indicators have not seen a major deterioration this quarter, but they certainly don't imply significant improvement in business conditions going forward," Alan Oster, NAB Group chief economist, said.

"We think business conditions have stabilised but probably won't shoot the lights out going forward" he said.

The economist said more policy support is needed and that this is still likely to occur in 2020, but for now the RBA appears in wait and see mode with labor market conditions still faring well, said Oster.

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