Catherine Birch, senior economist at ANZ, notes that the Australian business conditions improved to 3.4 in June from an upward-revised 1.2 in May.
“Business conditions improved in all states aside from South Australia, where conditions fell by 4.8 points.”
“Business conditions recovered to an eight-month high in the construction industry, while finance also saw solid improvement. Retail saw a slight rise but remains at historically weak levels. Mining conditions fell but it is still the only industry with conditions above the long-run average. Manufacturing and transport recorded small rises while wholesale and recreation deteriorated.”