Australia: Business confidence recovers somewhat but remains deeply negative in April
May 12, 2020
The business confidence index produced by National Australia Bank (NAB) rose to minus 45.7 points in April, from record-low minus 65.4 points in March. That said, the index remained entrenched deeply below the zero-point threshold, indicating that Australian businesses are mostly pessimistic regarding economic conditions going forward, due to containment measures to limit the spread of Covid-19.
Meanwhile, business conditions tumbled from March, on the back of plummeting profitability, trading conditions and employment prospects. Furthermore, forward orders slumped and exports also declined, though to a lesser extent.