Business confidence gained momentum in the September quarter surpassing the broader economy, according to the NAB’s quarterly index.
Conditions were broadly unchanged but trading and profitability were stronger.
However, the slight improvement was offset by deteriorating employment, which weakened to its worst level since this time last year, reflecting subdued domestic demand.
The September index showed confidence surged for the ASX 300. Larger firms recorded a strong reading of +11 for Q3, slightly higher than the broader economy at +8 (up from +4).
Among the larger firms, finance, property, business services, retail and mining were strongest.