Australia: Business confidence inches up in December
January 27, 2015
The business sentiment index published by the National Australia Bank (NAB) increased from 1 point in November to 2 points in December. The indicator is still resting just above the 0-point threshold, which indicates that Australian businesses are somewhat optimistic regarding economic conditions in the coming months.
According to the NAB, the slight increase reflects more optimism among transport and utilities firms, which is driven by the fall in oil prices. Conversely, the drop in commodity prices led to more pessimistic expectations among mining companies. Despite the moderate increase, the NAB pointed out that, “confidence remains well below long run averages.”
Author: Cecilia Simkievich, Economist