Business confidence bounces back

Business confidence has bounced after Malcolm Turnbull’s ascension to the nation’s top job resolved uncertainties about the government’s future.

The National Australia Bank business confidence index rose four points to plus five in September, which more than unwound the previous month’s decline, however it remains below its mid-year peak.

The rise in business confidence was not broadbased, with mining, construction and finance suffering falls.

The business conditions index stayed steady at nine points, with gains in employment conditions being offset by falls in trading conditions and profitability.