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The National Australia Bank (NAB) released its business confidence index for Australia on Tuesday. The index fell to 3 points in May from 5 points in April.
"The Survey is suggesting further improvement for the non-mining sectors going into Q2, with some evidence that growth is becoming more broad-based," NAB Group Chief Economist Alan Oster said.
The main business conditions index remained unchanged at 10 points in May, while employment declined to 1 point from 4 points.