Australia: Business sentiment rebounds to highest level in over two years
September 10, 2013
Business confidence rebounded in August to the highest level since May 2011. The business sentiment index, published by the National Australian Bank (NAB), swung from minus 3.0 points in July to plus 6.0 points in August. The index is now above the 0-point threshold that separates positive and negative sentiment, which suggests improving business conditions in the coming months.
The improvement was broad-based; mining, construction and finance/business/property recorded notable gains. Despite the improvement in mining, however, it continues to be mired in pessimistic territory at minus 3 points.
FocusEconomics Consensus Forecast panelists see fixed investment growing 3.4% in 2013, which is down 0.5 percentage points from last month's forecast. The panel sees investment expanding 3.2% in 2014.
Author: Armando Ciccarelli, Head of Data Solutions