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Australia Business Confidence March 2020

Australia: Business sentiment at record low in March

The business confidence index produced by National Australia Bank (NAB) nosedived to minus 65.6 points in March, from minus 2.4 points in February, hit by containment measures to limit the spread of Covid-19. Therefore, the index logged its worst result in the survey’s history and moved further below the zero-point threshold, indicating that Australian businesses are mostly pessimistic regarding economic conditions going forward.

In terms of sectors, March saw an across-the-board slump in confidence in all the sectors covered by the survey. Moreover, business conditions plunged from February, on the back of plummeting profitability, trading conditions and employment prospects. Furthermore, forward orders tumbled and exports also declined, though to a lesser extent.

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