Australia Business Confidence October 2020


Australia: Business confidence at highest level in 17 months in October

November 10, 2020

The business confidence index produced by National Australia Bank (NAB) rose from minus 3.8 points in September to 4.7 points in October, marking the highest reading since May 2019. Therefore, the index moved above the zero-point threshold that signals that Australian businesses are mostly optimistic regarding economic conditions going forward.

Meanwhile, business conditions strengthened in October and swung to positive territory, on the back of improving employment conditions as well as stronger profitability and trading conditions. Furthermore, forward orders grew less negative.

FocusEconomics Consensus Forecast panelists see fixed investment expanding 1.5% in 2021, which is unchanged from last month’s forecast. In 2022, the panel sees fixed investment growing 4.6%.

Author: Massimo Bassetti, Senior Economist

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Australia Business Confidence Chart

Australia Business Confidence October 20 20

Note: Index of business sentiment; 0-point threshold indicates equal number of positive and negative responses.
Source: National Australia Bank’s Monthly Business Survey.

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