Business conditions suffered one of the biggest falls in the past 20 years in the September quarter, NAB’s quarterly business survey showed yesterday.
Business conditions fell by 11 points to negative four, as all components of the index fell – trading and sales (down 11 points), profits (down10 points), employment (down three points) and forward orders (down five points).
Looking forward NAB said downside risks for Australia remained, with much dependent on success of the global financial rescue plans.
It forecast unemployment to rise to six per cent during 2009-2010 and expects the cash rate to fall to 4.5 per cent by mid 2009.
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