360° Coverage : Australian business confidence improves

Australian business confidence improves

Sydney, Feb 12 (IANS) Australian business confidence was broadly steady in January after recovering strongly in December from very poor levels, a private survey released on Tuesday by National Australia Bank (NAB) showed.

Feb 12 2013, 2:28am CST | by

Australian business confidence improves
Photo Credit: ROSLAN RAHMAN, Getty Images

Sydney, Feb 12 — Australian business confidence was broadly steady in January after recovering strongly in December from very poor levels, a private survey released on Tuesday by National Australia Bank (NAB) showed.

NAB's monthly business survey showed business confidence rose one point to an index level of plus three points in January, reported Xinhua.

However, business condition remained in negative territory in the month despite improving three index points to minus two.

The bank said the confidence recovery was mainly helped by the rally in global equity markets and generally better activity in China, as well as recent rate cuts from the Reserve Bank of Australia (RBA).

"However confidence remains below long-run average levels," NAB said in its report.

"Business conditions were generally better across interest sensitive industries in January, but fell heavily in mining."

NAB says it still sees the need for the RBA to cut the cash rate by 75 basis points in 2013.

IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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