According to a survey conducted by the National Australia Bank (NAB), the Australian Business Conditions Index (mainly measuring sales, profits and employment) rose by 22 points to -4 points in the third quarter of this year, with the employment status index being the lowest at -14 points.
The survey also showed that the business confidence index increased by 5 points to -10 points. In addition to retail, leisure and entertainment, and personal services, the confidence indexes of other industries have increased.
National Bank chief economist Alan Oster said that despite the rise in the above-mentioned index, Australia’s business conditions and confidence remain very weak. He particularly emphasized that the employment situation is far below the level before the epidemic, indicating that although the Australian economy has begun to recover, the job market will continue to have a negative impact on the Australian economy.
