SYDNEY (Reuters) -A measure of Australian business confidence rose to a three-year high in July thanks to strength in services and construction, a survey showed on Tuesday, though rising costs also put upward pressure on retail prices.

The survey from National Australia Bank showed its index of business confidence climbed to +7 in July, from +5 in June, the highest reading since August 2022. Its measure of business conditions eased to a still solid +5 in July, after jumping to +7 the previous month.

“Overall, the survey points to an improvement in activity through Q2 and suggests that the worries globally have not materially influenced local hiring and investment decisions,” said NAB’s chief economist, Sally Auld.

“Generally, the services sectors, both consumer facing and for businesses

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