Australian business conditions fell significantly in October, following a sharp slow down in activity in the construction and retail sector, a survey showed on Tuesday.
The National Australia Bank (NAB) business conditions index for October fell five points to two index points, still above the zero level that separates expansion from contraction.
The survey showed conditions in construction and retail sectors fell to minus 10 and minus 13 points respectively.
The conditions in the mining sector were the strongest in October at 33 points, followed by transport and utilities.
“Conditions continue to vary widely across the economy and in some sectors, notably construction, have been particularly volatile – which could well indicate a turning point,” said the NAB survey, released on Tuesday.