National Australia Bank's index of business confidence picked up to 1 in June from -20 in May as the country began to emerge from coronavirus lockdowns. Still, the latest reading remained below the long-run average of 6. Mining and retail led the gains, with services still lagging due to social distancing and a lack of tourists. Business conditions bounced back but remained negative (-7 vs -24 in May),amid improvements in sales (-7 vs -19), profits (-8 vs -19) and employment (-11 vs -31). Meantime, forward orders saw a large improvement but remain significantly negative and well below average, while capacity utilization continued to recover but remains very low. "The survey was conducted just prior to the reintroduction of lockdowns in Victoria – so we will be closely watching next month's survey to see how confident and conditions are again impacted," said NAB chief economist Alan Oster.
Business Confidence in Australia averaged 5.19 points from 1997 until 2020, reaching an all time high of 21 points in April of 2002 and a record low of -65 points in March of 2020. This page provides - Australia Business Confidence - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Business Confidence - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: National Australia Bank
Business Confidence in Australia is expected to be -5.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Business Confidence in Australia to stand at 5.00 in 12 months time. In the long-term, the Australia Business Confidence is projected to trend around 5.00 points in 2021 and 8.00 points in 2022, according to our econometric models.