National Australia Bank Survey Shows Australian Business Confidence Turns Negative After RBA Hike
Australian business confidence dipped into negative territory for the first time in nearly a year, with National Australia Bank’s monthly survey showing sentiment at -1 in February. Despite the drop in confidence, conditions stayed unchanged at +7 and sales ticked higher. Shares slid after the Reserve Bank of Australia bumped its cash rate up by 25 basis points—a quarter point—bringing the main policy rate to 3.85% as of Feb. 3. The timing is tight, coming just ahead of the RBA’s March 16-17 gathering. Governor Michele Bullock last week called March a “live meeting,” keeping investors alert.