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Australian business confidence (NAB) rose in July to 6.6 from 5.6 in the previous month while business conditions dropped to 12 from 15 previously, notes the research team at TDS.

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“Despite the increase in confidence it continues to languish around its lowest levels since the end of 2016 while conditions are at their lowest since May 17. Nonetheless business conditions remain well above the long run average. There was a notable 5 point increase in employment to +10 pointing to continued resilience in the jobs market while labour costs increased 1.1% q/q.”