Business confidence has fallen to its lowest level since the end of the 1990 recession, NAB’s Quarterly Business Survey and Forecasts report revealed yesterday.
Business conditions have also deteriorated sharply – domestic demand growth has slowed to an annualised two per cent in June 2008, the lowest level since the 9/11 terrorist attacks of 2001.
These results, combined with forecasts for tougher conditions in 2009, have led NAB to forecast a hold on rates in 2008 and predict significant cuts thereafter.
“NAB still expects RBA cuts to begin from early 2009 with a cash rate of around six per cent by late 2009/early 2010,” the report read.
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