(Dec 10): Australia’s business confidence fell sharply in November and conditions, which measure jobs, sales and profitability, softened further in another sign that the private sector of the economy is under heavy pressure.

A National Australia Bank Ltd survey showed on Tuesday that business confidence slid eight points to negative three points, reversing gains made in October. Conditions fell to two points from seven with all three subcomponents now either at or below average.

“Overall, the survey points to ongoing soft growth in 4Q,” NAB said in the report. “With capacity utilization unchanged at an above-average level it will likely take more time for price pressures to fully normalize.”

The report comes just hours ahead of the Reserve Bank’s final interest rate decision of the year when it is all-but-certain to leave policy settings at a 13-year high of 4.35%. Data last week showed Australia’s economy recorded another weak quarterly reading in the three months through September, prompting traders to bring forward rate-cut bets to April from May.

Tuesday’s report showed forward orders declined further to negative five points, led by weakness in mining and retail, the report showed. The goods production and distribution sectors, particularly manufacturing and retail, were the weakest in trend terms.

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