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Australia Business Confidence Slows In September - NAB

Business confidence in Australia took a hit in September, the latest survey from the National Australia Bank revealed on Tuesday, as its business confidence index slipped to a score of 5 from a reading of 8 in August.

The index for business conditions also was down, falling from 4 in August to 1 in September.

"The effects of soft national income growth - a function of lower commodity prices, excess capacity and cautious spending behavior - are being felt across the economy," said Alan Oster, chief economist at NAB. "This has been reflected in most industries."

Among the individual components of the survey, confidence was at its highest for construction, and at the lowest by far for mining.

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