Business conditions continue to outpace confidence, which remains stubbornly muted despite improving prospects for the non-mining sector.
Conditions have held at above average levels for the past nine months, according to the National Australia Bank monthly business survey on Tuesday.
NAB's index of business conditions - based on measures of profitability, employment and trading - remained at 10 points for the fourth consecutive month in November.
NAB chief economist Alan Oster says industries sensitive to the falling Australian dollar and record-low interest rates have outperformed, while an improving retail sector is also encouraging.
"In conjunction with signs of improvement in the labour market, (it) means we can put more faith in the building non-mining sector recovery," he said.
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"In fact, the survey is showing a widening gap between deteriorating mining and the rest of the economy."
But confidence remains lacklustre, despite recouping some of the losses from last month.
The index climbed two points in November to five points, but is still marginally below its long-run average.
This is likely a reflection of the uncertain global economic environment, Mr Oster said.
NAB still expects no rate moves from the Reserve Bank in coming months, with the report suggesting no drastic deterioration in the economic outlook or reassessments of growth in the non-mining sector.
