SYDNEY—A measure of Australian business conditions showed a welcome improvement in August as sales and profits weather coronavirus lockdowns in parts of the country, offering hope of a speedy recovery once restrictions ease. Tuesday’s survey from National Australia Bank showed its index of business conditions rose 4 points to +14 in August, recovering part of July’s sharp 14-point drop. The survey’s measure of confidence edged up 2 points to—5, after diving in July as lockdowns spread from Sydney to Melbourne and Canberra. Importantly, the conditions index remained well above the long-run average and businesses were faring much better than during the first round of lockdowns last year. “The resilience of the survey during the current episode likely reflects the healthy momentum in the economy before the lockdowns, ongoing fiscal and monetary support as well as greater certainty that the lockdowns will end as vaccines roll out,” said NAB chief economist …
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