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Australia’s Rising Business Confidence ‘Reflects Hope Rather Than Reality’

  • Confidence in NSW and Victoria jumped on rising vaccinations
  • Conditions dropped across trading, profitability, employment
Commuters exit Wynyard railway station in Sydney on Oct. 11.

Commuters exit Wynyard railway station in Sydney on Oct. 11.

Photographer: Brendon Thorne/Bloomberg

Australian business confidence surged in September, driven by locked down eastern states on prospects of their economies reopening, while conditions tumbled as the same firms struggled to keep their heads above water.

Confidence advanced to 13 points from a downwardly revised minus-6 in August, National Australia Bank Ltd. said in a statement Tuesday. The conditions index -- measuring hiring, sales and profits -- dropped to 5 points from 14 in the survey, which ran from Sept. 17-30.