Money Australia business conditions at best since crisis

19:55  11 april  2017
19:55  11 april  2017 Source:   marketwatch.com

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Similar from the Web. Australia business conditions at best since crisis - MarketWatch - www.marketwatch.com. SYDNEY-- Australian business conditions surged to their highest levels since the global financial crisis almost a decade ago in March.

For only the second time since 2010, all industries surveyed by NAB are recording positive business conditions . An influential survey - watched closely by the Reserve Bank of Australia - which showed businesses have just enjoyed the best month since the 2008 global financial crisis may be giving a

'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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Business conditions were healthier last month than at any point since the global financial crisis , but that failed to translate into confidence, National Australia Bank says. The bank's monthly business survey revealed its business conditions index jumped 5 points in March to +14 points, well above

Following a fall in February, NAB’s barometer of business conditions came storming back in March with a reading of +14 – the highest level since the global financial crisis .

"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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