Australian business confidence surged in August as firms hoped a Federal election would put an end to political uncertainty, though Tuesday’s survey showed actual conditions were weak with a worrying downturn in employment.
National Australia Bank’s monthly survey of over 600 firms found confidence improved across all sectors following a cut in interest rates early in August and ahead of an expected victory by the conservative Liberal National Coalition in elections on Sept. 7.
The survey’s main measure of business confidence shot up to 6, from -3 in July, the highest reading since May 2011 and the sixth largest monthly increase in the series’ history.
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