14.11.202305:25:00UTC+00Australia Business Conditions Improve, Sentiment Falls: NAB

Australia's business conditions improved in October, while business confidence weakened, survey results from the National Australia Bank showed Tuesday.

The business conditions index rose slightly to 13 points from 12 in the previous month. Meanwhile, the business confidence indicator declined to -2 from zero in September.

"Businesses clearly remain cautious about the outlook for the economy despite the resilience we are seeing," NAB Chief Economist Alan Oster said.

Oster said a gradual moderation in inflation over time is likely but it will be a protracted process, especially given the resilience of domestic demand thus far.