According to the Zhito Finance APP, Australia's business confidence index saw a significant drop in November, with indicators measuring employment, sales, and profitability weakening further, which once again indicates that Australia's private economic sector is under significant pressure.

A survey released by the National Australia Bank Limited Sponsored ADR on Tuesday showed that the business confidence index fell by 8 points in November to -3, reversing the gains made in October. The business conditions index dropped from 7 to 2, with all three sub-indices being at or below average levels.

The National Australia Bank Limited Sponsored ADR stated in the report: "Overall, the survey indicates that economic growth will continue to be sluggish in the fourth quarter. As capacity utilization remains above average levels, price pressures may take more time to return to normal."

A few hours after this report was released, the Reserve Bank of Australia will make its final interest rate decision for the year. The market widely expects the Reserve Bank of Australia to maintain the interest rate at a 13-year high of 4.35%. Data released last week showed that the Australian economy weakened again in the three months ending in September, prompting traders to bring forward their bets on rate cuts from May next year to April next year.

Tuesday's report showed that due to weakness in the mining and retail trade sectors, the forward order indicators further declined to -5. The trends in the commodity production and distribution industry (especially manufacturing and retail trade) were the weakest.

The National Australia Bank Limited Sponsored ADR stated that in contrast, the index for the service industry (entertainment and personal services, finance, business, and real estate services) continues to grow at a faster pace.