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Andrew Hanlan, analyst at Westpac, notes that Australian Business confidence was down 1pt to 0 while Business conditions were up 1pt to +2.

Key Quotes

“As we approach the final quarter of 2019, business conditions remain stubbornly weak (despite additional policy stimulus) and business confidence has softened – as reported by the NAB business survey for the month of September.”

“The survey was conducted from September 18 to 30.”

“The business conditions index edged up 1pt in September, partially reversing the drop in August, to be at only +2. This is a below average reading (for the monthly series dating back to mid-1997).”

“The conditions index has consolidated at low levels over recent months, with the September reading in line with the average of the previous four months.”

“Business confidence fell by 1pt to 0, a reading well below average. This result, along with that in March, is the softest since mid-2013.”