The business confidence index produced by National Australia Bank (NAB) rose from minus 3.8 points in September to 4.7 points in October, marking the highest reading since May 2019.
Therefore, the index moved above the zero-point threshold that signals that Australian businesses are mostly optimistic regarding economic conditions going forward.
Meanwhile, business conditions strengthened in October and swung to positive territory, on the back of improving employment conditions as well as stronger profitability and trading conditions. Furthermore, forward orders grew less negative.
FocusEconomics Consensus Forecast panelists see fixed investment expanding 1.5% in 2021, which is unchanged from last month’s forecast. In 2022, the panel sees fixed investment growing 4.6%.