Business conditions improved slightly in August spurred by an improvement in mining, however all other sectors continued to deteriorate.
NAB’s Monthly Business Survey and Economic Outlook for August yesterday showed business conditions rose two points but remain at the worst levels this decade – now at an index reading of negative three, 23 points lower than the peak of October 2007.
Business confidence also rose by two points but this only narrowly, based on an improvement in the retail sector following extremely poor readings in recent months.
Based on the survey’s results and forecasts for slowing economic growth, NAB maintained its forecast for a further 25 basis point reduction in rates before the year is out, followed by a further 100 over the next year.
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