Australian business confidence slumps

Sydney: Australian business confidence slumped to its lowest level in more than three years in November, a business survey released Tuesday by National Australia Bank (NAB) showed.

The NAB monthly survey found business confidence fell further to an index level of minus nine in November from minus one in October, indicating pessimists far outweighed optimists among the 600 firms surveyed by NAB, reported Xinhua.

It was the lowest level since April 2009, when the country was still emerging from the global finance crisis.

The survey also found that the country’s business conditions were unchanged at an index level of minus five in November, remaining at the lowest level since May.

The bank said confidence did not improve among any of the sectors surveyed and fell sharply among manufacturers.

“The slump in confidence is likely to in part reflect businesses becoming depressed about the weak level of activity in the economy at present, while concern about the outlook for Australia’s mining sector may also be playing a part,” NAB said in a statement.