Australia Business Confidence Declines In September

Business confidence in Australia slipped for the first time in five months, driven by a decline in confidence among retailers and manufacturers, a report released by the National Australia Bank said on Tuesday.

The index measuring business confidence stood at 14 in September, down 4 points from August’s reading of 18. August marked the highest reading recorded in the index in nearly six years. A figure above zero means optimists outnumber pessimists.

The decrease in the index was largely due to the receding confidence among the retail and manufacturing sectors, which fell 6 points and 11 points, respectively, from August, while higher confidence was seen in the construction sector on the back of higher infrastructure spending.