RTTNews | Nov 9, 2021 01:57AM EST

01:56 Tuesday, November 9, 2021 (RTTNews.com) - Australia business conditions and confidence strengthened in October as lockdowns came to an end in both NSW and Victoria, survey results from National Australia Bank showed on Tuesday.

The business conditions index advanced to 11 from 5.0 in September. All components of conditions rebounded, with trading conditions posting the strongest growth.

Similarly, the business confidence indicator improved to 21 from 10 a month ago. Retail, business, finance and property, and personal and recreation services all saw large confidence improvements, the survey showed. "There is still scope for things to improve further in coming months, particularly in Victoria, but overall this is an encouraging result with conditions back above their long-run average," NAB chief economist Alan Oster.

Conditions should continue to improve as vaccination rates rise and restrictions ease further, said Oster.

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