⁍ A measure of Australian business conditions rose in September to levels not seen since the coronavirus pandemic forced a nationwide lockdown.

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⁍ The index has come a long way since hitting a trough of -34 in April at the height of the pandemic.

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⁍ The improvement in conditions was driven by a rise in all three sub-components with trading and profitability in positive territory.

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– Australia’s business confidence index rose to -4 in September from -8 the previous month, its best showing since April, according to a survey by National Australia Bank—though it remains below the long-run average of -6, Reuters reports. The improvement was driven by a rise in all three sub-components with trading and profitability in positive territory, likely reflecting improving activity as the economy opens up. The employment index stayed negative, suggesting businesses were not yet ready to add new positions. Forward orders rose to -7 while capacity utilisation edged up to 76.9%. This, in addition to still negative confidence, has seen capex stay in negative territory, NAB noted.