Australia: Business sentiment plunges to lowest level in more than three years

In November, the business sentiment index published by the National Australian Bank (NAB) dropped to minus 9.0 points from zero points in October. With the November fall, sentiment dropped further below the 0-point threshold that separates positive from negative opinion and sits now at its lowest level in more than three years, suggesting deteriorating prospects for investment going forward.

Sentiment deteriorated across all sectors, with manufacturing experiencing the largest drop. Mining was the sector showing the lowest confidence level, while finance/business/property and retail were the highest ranked sectors.