The National Australia Bank (NAB) released its business confidence index for Australia on Tuesday. The index climbed to 5 points in November from 3 points in October. October's reading was revised up from 2 points.

"This is basically another strong result for the NAB Survey, which in conjunction with signs of improvement in the labour market, means we can put more faith in the building non-mining sector recovery," NAB Group Chief Economist Alan Oster said.

The main business conditions index increased 10 points in November from 9 points in October, while employment rose to 4 points in from -1 points.