Australian conditions and confidence improved in November suggesting a rapid rebound in the economy as restrictions were eased and state borders opened up, survey data from the National Bank of Australia showed Tuesday.
The business conditions index climbed to 9 in November from 2 in October. Likewise, the business sentiment indicator advanced to 12 from 3 a month ago.
Both confidence and conditions were above average, and stronger than the period right before the pandemic - albeit this partly reflects some "snapback" following the containment of the virus, NAB said.
While renewed optimism in Victoria drove the improvement in confidence, Victoria was one of only two states to report deterioration in conditions, although conditions are expected to improve as the impact of its recent severe lockdown wears off, the agency said.
"Businesses appetite to hire worker and undertake new investments will be crucial to the economy's recovery going forward, as the initial bounce in activity - and any pent-up demand - fades" Alan Oster, NAB Group chief economist said.
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