Business conditions and confidence remained relatively stable in September, despite international financial turmoil, but economic prospects continue to weaken.
National Australia Bank’s monthly business survey and economic outlook showed business confidence fell one point while business conditions improved by two. Business conditions still remain 21 points lower than their peak in October last year.
The mining sector, which has been paramount to maintaining strong economic growth, saw a significant fall in confidence as commodity prices fell, signalling deteriorating prospects for the months ahead.
NAB’s forecasts for national GDP for 2008 remained unchanged at 2.5 per cent however it has lowered 2009 growth to 1.25 per cent, on the back of reduced commodity prices, further falls in equity markets and lower growth globally.
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