Australia NAB Business Confidence dropped to 1 in August, down from 4. Business Condition dropped to 1, down from 3. Both readings are well below long-run averages. And the outcome suggests that “momentum in the business sector continues to weaken, with both confidence and conditions well below the levels seen in 2018”. NAB added that the results are “in line with the weak outcome for the private sector in the Q2 national accounts, prompting us to review our outlook for interest rates”.
