The National Australia Bank (NAB) released its business confidence index for Australia on Tuesday. The index climbed to 5 points in September from 1 points in August. August's reading was lowest level since mid-2013.

The industry welcomed Malcolm Turnbull's replacement of Tony Abbott as Australian prime minister.

"It is not clear to what extent this reflects the change in leadership of the Liberal Party, as solid business conditions and some dissipation of financial market jitters may have also contributed to the result," the NAB said.

The main business conditions index remained unchanged at 9 points in September, while employment rose to 4 points in from -1 points.