The National Australia Bank (NAB) released its business confidence index for Australia on Monday. The index fell to 3 points in December from 5 points in November.

"While recent big declines in oil and equity markets highlight potential risks to the global outlook, relatively positive business conditions appear to have, so far, acted to reassure business sentiment," NAB Group Chief Economist Alan Oster said.

The main business conditions index decreased 7 points in December from 10 points in November, while employment declined to 0 points in from 2 points.