19.07.201801:57:00UTC+00Australia Business Confidence Weakens Slightly In Q2: NAB

Australia's business confidence weakened marginally in the three months ended June, but remained a little above average, quarterly survey data from the National Australia Bank showed Thursday.

The business confidence index dropped to 7 in the second quarter from 8 in the previous quarter.

After strengthening to historically high levels in the first quarter, business conditions index fell by 2 points to 15 in the June quarter. However, the index remained well above average.

Conditions remained favorable across all states and most industries, especially in the mining sector, likely reflecting higher commodity prices, growing exports, abating cost pressures and rising productivity.

Overall, leading indicators continue to suggest favorable business conditions and investment in 2018 and some tightening in the labor market.