The National Bank of Australian business confidence and business conditions' survey has plunged to 21 points for the months of October. The collapse of business confidence has ushered the local stocks to drop to more than 4 percent.
Today's confidence dive surpasses the level hit during 2001, when it reached minus-23, according to NAB.
The broad-based falls in confidence measured by NAB echoed a drop in business conditions, which tumbled 10 index points to minus-11 points in October from minus-1 in September, bringing the index near lows not seen since early 2001 when an economic slowdown was under way, Mr Oster said.
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