Money Australia business conditions at best since crisis

19:55  11 april  2017
19:55  11 april  2017 Source:   MarketWatch

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SYDNEY-- Australian business conditions surged to their highest levels since the global financial crisis almost a decade ago in March, helping to ease a growing sense that the economy had lost momentum recently.

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'Some bank analysts have argued the Aussie was grossly oversold.' © AFR 'Some bank analysts have argued the Aussie was grossly oversold.' Australian business conditions surged to their highest levels since the global financial crisis almost a decade ago in March, helping to ease a growing sense that the economy had lost momentum recently.

According to a survey of business by the National Australia Bank, its business conditions index rose to a net balance +14 in March from +9 in February.

However, business confidence weakened a tad. The business confidence index showed a net balance of +6 in March compared with +7 in February.

Indicators of the job market were unchanged with the index showing +5 in March, unchanged from February. The big gainer was trading conditions which rose to +22 from +12.

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SYDNEY-- Australian business conditions deteriorated last month to levels not seen since the global financial crisis National Australia Bank's index of business conditions fiscal year ending June 30, 2013--unchanged from its own previous forecasts but well below the 3.0% predicted by both the

Business conditions are back to their best since the global financial crisis , according to the latest National Australia Bank survey its main business conditions index jumped four points in March, to 12, putting it level to its highest point since Australia 's commodities-led bounce-back from the GFC .

"The bounce in business conditions this month came as a bit of a surprise, especially the big improvement in Queensland in light of the likely disruptions from Cyclone Debbie in late March," said Alan Oster, chief economist at NAB.

Mr. Oster said the cycle, which has shut in coal production, flattened crops, and devastated key tourism areas in northern Queensland, might be having the unexpected effect of overstating conditions in March given that the cyclone coincided with a lower response rate from firms in Northern Queensland.

"Even so, conditions have improved almost across the board to levels that suggest a strong economy in the near-term," he added.

That includes the mining-rich Western Australia, "which has been looking better of late and suggests the worst of the mining downturn may be behind us," he added.

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