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Financial News: Australia NAB Business Confidence Improves In February

Australia NAB Business Confidence Improves In February

03/09/2021 - 00:34:00 (RTTNews)

(RTTNews) - Australia's business confidence and conditions improved in February, survey results from the National Australia Bank showed Tuesday.

The business confidence index advanced to 16 from 12 in January. This was the highest reading since early 2010. The gain in confidence was broadly based, with all states and industries recording an increase - except retail.

With trading, profitability and employment conditions marking solid improvements, the business conditions index bounced to return to 15 points from 9 a month ago. A similar score was last seen in December and was the highest since August 2018.

Conditions remained very strong in retail, wholesale, mining and professional services, while construction, personal services and transport conditions continue to lag.

The survey continues to point to a robust recovery in the business sector, despite some tapering of government support beginning in late 2020, the NAB said. This is a positive sign for the economy, where ongoing strength in the business and household sector is needed to sustain the recovery.

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