Australia's business conditions rose to a record high in the second quarter, while confidence eased slightly, survey data from the National Australia Bank showed on Thursday.
The business conditions index rose strongly by 12 points to a record 32 points in the second quarter. Meanwhile, the business confidence index dropped to 17 from 19 in the preceding quarter. Business conditions were still in negative territory in the third quarter of 2020, and now, three quarters later, they were at a record high, a testament to how rapid the recovery has been from last year's recession, Alan Oster, NAB group chief economist, said. "A pleasing aspect of the survey is how broad-based the strength in conditions and confidence was - whether you look by industry or by state they are all above average, and in many cases well above," said Oster.
The survey was conducted between May 18 and June 10, so responses only partly capture any impacts from the Victorian lockdown that effectively started on May 28.