Australian business confidence rose to its highest levels in almost two years in July.
According to a monthly survey by National Australia Bank released Tuesday, overall business conditions also firmed in July, consolidating recent higher levels.
NAB's business confidence index rose 6 points in July from June to +10 points, the highest reading since August 2007 and approaching long run average levels.NAB's business conditions index rose 3 points in July from June, to +1 point.
Strong confidence gains were recorded in construction and manufacturing through July but falls in retail and wholesale confidence, together with flat transport, largely offset these gains.
Forward orders for business strengthened, with July showing the first positive reading since late 2007, according to the survey.