empty
 
 

2020.03.1004:16:00UTC+00Australia Business Confidence Weakens In February

Australia business confidence and conditions weakened in February, although it appears too early to fully quantify the effect of the Coronavirus, survey data from the National Australia Bank showed on Tuesday.

The business conditions index fell two points to zero in February, led by a decline in profitability and small decline in trading conditions.

At the same time, the business confidence index dropped to -4, signaling that businesses see further deterioration in conditions in the short term.

"Both conditions and confidence fell in the month, but not by as much as we had feared," Alan Oster, NAB group chief economist, said. That said, both continue to track below average and with forward orders weakening its likely we could see further deterioration.

With leading indicators softer, it is unlikely to see a material improvement in conditions in the near term, he said.

The survey showed that around 50 percent of firms reported no impact to date from the outbreak of coronavirus.

However, it is very possible this number will rise as the spread of the virus continues - this would most likely result in a further deterioration in confidence and eventually reported business conditions, said Oster.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback