National Australia Bank business survey for November showing these two indicators still under their longer run averages (around 6 for both)

business confidence 0

  • prior 2
  • the confidence measure is more sentiment based than the other

business conditions 4

  • prior revised from 3 up to 4
  • business conditions is a more objective guide

Recent Australian PMIs have improved a little. Reflected somewhat in the better 'conditions' indicator.

More from the NAB survey:

  • sales down 1 to +6
  • employment unchanged at +4

NAB comments from the report:

  • Business conditions appear to have stabilised
  • survey has tracked broadly sideways in recent months after showing a significant deterioration between early-2018 and mid-2019
  • gap between the worst performing industries - the goods related industries - and services widened further
  • "While we think conditions are stabilising, we don't see a significant recovery as being imminent."

AUD is barely changed.