Australia: Business confidence recovers somewhat but remains deeply negative in April
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.