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Surveys released on Tuesday showed that the closely watched Australian business confidence index rebounded in July, but the lower-than-average level and declining employment index are worrying signs of the economy.
The National Bank of Australia (NAB) (NAB. AX) corporate status index fell 2 points to 2 points in July, contrary to the rise in June. Enterprise confidence index rose slightly to positive 4, but still below the long-term average.
"The corporate status index has declined across the board since the beginning of 2018 and has been below average in recent months," said Alan Oster, chief economist at the National Bank of Australia (NAB).
"This is worrying, because although the situation is still positive, it shows a serious loss of momentum in the corporate sector."
The economy expanded at its slowest pace in 10 years in the first quarter of this year as consumers tightened spending amid weak wage growth and falling house prices.


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