The business sentiment index published by the National Australian Bank (NAB) plunged from plus 2 points in July to minus 8 points in August. The reading marked the largest drop in the index since December 2009 and drove business sentiment to the lowest level since April 2009. With the August decline, business confidence fell below the 0-threshold, which separates positive from negative opinion, for the first time since the Queensland floods in December 2010. The result hints at deteriorating prospects for investment going forward. According to NAB, concerns regarding the global economic outlook and turmoil in international financial markets weighed heavily on the August reading. At a sector level, confidence dropped most in the finance/business/property sector, where sentiment plunged 17 points over the previous month. The highest confidence level can be observed in the mining sector (+18 points). Meanwhile, manufacturing marked the lowest level (-17 points), as a strong Australian dollar continues to negatively affect sentiment in this sector.
Australia Business Confidence
Business sentiment turns negative in August
September 13, 2011
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.