The National Australia Bank (NAB) released its Quarterly Business Confidence Survey on Thursday. The NAB business confidence index rose to 4 in the fourth quarter from 1 in the third quarter. The third quarter's figure was revised up from 0.

Business outlook remained positive, while global uncertainties are the greatest risk.

"The Survey is confirming yet again that despite the issues facing the mining sector, Australia continues to enjoy a relatively healthy, vibrant and adaptive economy", NAB Group Chief Economist Alan Oster said.

He added that risks to the outlook increased due to global market volatilities.