Australia: Business confidence moderates in May
The business confidence index produced by National Australia Bank (NAB) dropped to 19.8 points in May from 23.5 points in April, which had marked a record-high reading. Nevertheless, the index remained entrenched above the zero-point threshold that signals that Australian businesses are mostly optimistic regarding economic conditions going forward.
Meanwhile, business conditions strengthened considerably in May, recording the best reading in the survey’s history.