Economic Buzz: Australia's business confidence moves up but stays below long term trend

Australia's business conditions index moved up to +4 in July from +3 in the previous month, according to a survey released by National Australia Bank (NAB) though it remained below the long-term trend. The business confidence index held steady at -6, as rising crude oil prices driven by escalating tensions in the Middle East heightened concerns over cost pressures. The survey noted that employment and profitability improved, but softening demand outlook and persistent cost pressures continue to squeeze profit margins.

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