The business confidence index produced by National Australia Bank (NAB) dropped to 0.2 in October from 4.5 in September. Consequently, the index remained above the zero-point threshold that signals Australian businesses were mostly optimistic regarding economic conditions going forward.
Deteriorated sentiment in the retail, wholesale and transport and utilities sectors was chiefly behind the weaker reading.
Meanwhile, business conditions weakened in October.
FocusEconomics Consensus Forecast panelists see fixed investment expanding 2.5% in 2023, which is unchanged from last month’s forecast. In 2024, the panel sees fixed investment growing 3.5%.