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Business conditions, expectations weaken

Staff Reporter 1 minute read

Business conditions continued to deteriorate in February, National Australia Bank’s monthly business survey confirmed yesterday.

According to the NAB index, business conditions fell 9 points in February to -20 index points, a level not seen since June 1992.

A wave of bleak economic data and forecasts in recent weeks has also seen business expectations about the months ahead slide.

The latest Dun & Bradstreet survey, also released yesterday, found 57 per cent of Australian firms expect sales to decline further in the June quarter; 65 per cent expect profits to decline.

The survey’s employment growth indicator also plunged to the lowest level ever recorded.

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Off the back of the weak February survey and weaker forecasts for the global economy, NAB said it had revised its domestic growth forecast to -1 per cent in 2009.

The bank said the RBA had paused on rates, but had not finished. It expects the cash rate to fall to 2 per cent by late 2009.

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Business conditions, expectations weaken
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