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Australia Business Confidence Weakens In February: NAB

3/13/2012 12:39 AM ET

Confidence among Australian businesses declined in February, though there was an improvement in operating conditions, a survey by National Australia Bank (NAB) revealed Tuesday.

The business confidence index fell to 1 in February from a reading of 4 in January and 3 in December. The business conditions index, meanwhile, improved to 3 from 2 in the previous month.

Uncertainty emanating from the Eurozone and financial markets, the persistent strength in the Australian dollar and the decision by the Reserve Bank to keep rates on hold in February may have weighed on the confidence of some sectors, the survey report said.

The improvement in business conditions was supported by a solid pick up in trading conditions and a slight rise in profitability, which were partly offset by a softening in employment conditions.

by RTT Staff Writer

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