Australia: Business confidence plummets in December amid the spread of the Omicron variant
The business confidence index produced by National Australia Bank (NAB) nosedived to minus 12.4 points in December from 12.1 points in November as the spread of the Omicron variant weighed heavily on sentiment. Consequently, the index moved below the zero-point threshold that signals Australian businesses were mostly pessimistic regarding economic conditions going forward.
Meanwhile, business conditions weakened in December.