Australia Business Confidence November 2016


Australia: Business confidence inches up in November

December 19, 2016

The business confidence index published by the National Australia Bank (NAB) inched up to 5 points in November, up from 4 points in October. The indicator moved closer to its long-term average of 6 points and further above the 0-point threshold, which means that Australian businesses are optimistic regarding economic conditions in the coming months.

According to the NAB, business confidence was resilient despite continued moderation in economic activity in the non-mining sector. Business conditions fell again in November, dropping below its long-term average for the first time in 18 months. The fall in business conditions was due to continued declines in the retail and transport sectors. On the broader implications for the economy, the NAB commented that it expects “to see a fair degree of ‘bounce-back’ next quarter, before the economy resumes its relatively subdued growth track, characterised by muted domestic demand.”

FocusEconomics Consensus Forecast panelists see fixed investment contracting 0.3% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees investment falling 1.4%.

Author:, Economist

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Australia Business Confidence Chart

Australia Business Confidence November 2016

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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