Australian business confidence slipped below its long term average as cost pressures remain at elevated levels, according to the NAB Monthly Business Survey released on Tuesday.
Business confidence fell 4 points to zero index points, which is below the long term average, as confidence fell in transport and utilities, as well as in mining, manufacturing, finance, and business and property. Business conditions eased 1 point to 22 points.
Cost growth was assessed as mixed, with purchase costs rising to 4.1% in quarterly terms, up from 3.7% in September, while labour cost growth slowed to 2.7% from 3.1% in September. Price growth was running at an unchanged 2% quarterly pace.