Business confidence fell in the September quarter, dropping 4 points to 0, according to National Australia Bank’s quarterly survey of business confidence and conditions. The quarterly survey is a more thorough examination of conditions compared to the monthly survey and it also ask firms to provide their perceptions of their industries’ outlooks. NAB says the fall was likely to be due to the timing of the survey, which took place prior to the change of Prime Ministers and when concerns about Chinese growth were at their peak. Subsequent monthly surveys have indicated these concerns have abated and confidence has picked up. Confidence varied across industries, with construction and retail apparently the most buoyant, while firms in other sectors to point to subdued customer demand dampening confidence levels.
