Banks outperformed, with Commonwealth Bank of Australia rising 1.8 percent to a record high. Buy now-pay later firm Zip gained 4.3 percent and telecom firm Telstra advanced 2.2 percent.

Australia’s business confidence improved in June to the highest since early 2003 but consumer sentiment remained deeply pessimistic in July largely due to fears of persistent inflation and interest rate hikes, private survey results showed on Tuesday.

The business sentiment index advanced to +4 in June from -2 in May, monthly survey data from NAB showed today. The increase was led by the strength in manufacturing and wholesale.

On the other hand, the business conditions index fell to 4 from 6 in May. The fall was driven by declines in employment, profitability indices, while trading conditions remained broadly flat.

The Westpac-Melbourne Institute Consumer Sentiment Index dropped 1.1 percent to 82.7 in July from 83.6 in June.

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First Published: Jul 09 2024 | 4:34 PM IST