RTTNews | Dec 14, 2021 01:10AM EST

01:10 Tuesday, December 14, 2021 (RTTNews.com) - Australia's business conditions improved moderately in November as the post-lockdown rebound impact waned, while confidence weakened notably from October, survey results from NAB showed on Tuesday.

The business conditions index rose to 12 in November from 10 in the previous month.

The improvement in conditions was driven by employment, which rose 5 points to +11 index points. At the same time, trading conditions and profitability were largely steady in November.

"There is still scope for things to improve further in coming months, particularly in recreation & personal services which was still in negative territory in November despite many restrictions easing in the month," NAB Chief Economist Alan Oster, said. The survey showed that business confidence index dropped to 12 from 20 in the previous month.

"Confidence remains high across states and industries, albeit it has come back to earth a little after the optimism associated with the end of lockdowns," Oster added. Oster said notwithstanding the possibility of new disruptions related to the Omicron variant, the economy is well placed to carry the momentum forward over coming months and into 2022.

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