08.08.201703:23:00UTC+00Australia Business Confidence Strengthens In July: NAB

Business confidence in Australia strengthened in July, after remaining stable in the prior month, the latest survey figures from National Australia Bank showed Tuesday.

The business confidence index climbed from 8.0 in June to 12.0 in July, leaving it close to the highest level since early 2010.

The survey's measure of business conditions improved further to 15 in July from 14 in the previous month. The latest reading was the highest since early 2008.

Alan Oster, chief economist at NAB said the improvement was driven by stronger profitability levels, overriding a modest decline in trading conditions and steady employment reading.