Business confidence was little changed in June after a substantial fall in May, with weakness in the mining and manufacturing sectors offset by better readings in retail and wholesale confidence, according to a monthly survey by the National Australia Bank.
NAB's business confidence index fell 1 point to 4 points in June, while its business conditions index rose 2 points to 8 points through the same period. The survey paints a picture of a disparate economy, with the mining sector enjoying buoyant conditions due to strong prices and Asian demand, while the retail sector struggles amid higher interest rates and weakening consumer confidence.