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Australia's Business Confidence Weakens In May

Australia's business conditions and confidence weakened notably in May, survey data from the National Australia Bank showed Tuesday.

The business confidence index fell to 6.0 in May from 11.0 in the previous month.

Similarly, business conditions dropped by 6 points to 15 in May from April's record high of 21.0.

"Despite the easing in the business conditions index, conditions remain robust in the business sector," Alan Oster, NAB group chief economist, said

"Conditions remain well above average across most states and industries."

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