Healthier readings in retail and wholesale made up for the weakness in the mining and manufacturing sectors in May. According to the monthly survey done by National Australia Bank, the Australian business confidence remained largely unchanged in June.

NAB's business confidence index fell 1 point to 4 points in June, while its business conditions index rose 2 points to 8 points during the corresponding period. The survey was conducted in the final week of June when a political revolt in Canberra toppled Prime Minister, Kevin Rudd. Julia Gillard took over the office.

Notably, the survey was held just in advance of an announcement to be made by Australia's ruling Labor Government, of conciliation with major mining companies over a controversial new tax on profits.

Ending the dispute over the mining tax is likely to deliver a significant boost to business confidence.

"Overall, the survey points to an economy growing at close to trend rates and doing well. Certainly, there is no threat of a double dip or anything like that ", said Alan Oster, Chief Economist at NAB.

Basically, the survey continues to point to basic demand growth of approximately 4%, NAB said.