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Australian Business Conditions Surge to Highest on Record

  • Conditions index jumps 7 points; confidence unchanged at 8
  • Indicators suggest possible pull-back in coming months: NAB
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Photographer: William West/AFP via Getty Images

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Australian business conditions surged to the highest on record, reinforcing signs of a strengthening labor market and pickup in investment.

The sentiment index jumped seven points to 21 in October and was driven by spikes in sales and profitability gauges, according to a National Australia Bank Ltd. survey of more than 400 firms conducted in the last week of the month. The business confidence index was unchanged at a revised 8.