Australian business confidence returns to pre-financial crisis levels

19:52, October 26, 2010      

Email | Print | Subscribe | Comments | Forum 

Australian business confidence in the September quarter rose to levels that have not been seen since the pre-global financial crisis days of 2007, a survey found on Tuesday.

The National Australia Bank (NAB) quarterly business survey showed business confidence climbed six points to nine points despite business conditions fell one index point to five in the September quarter.

A reading above zero indicates optimists outweigh pessimists.

The NAB quarterly business survey found the increase in business confidence was broad-based, with transport and property services the strongest and recreation having the weakest confidence.

The survey also found business conditions fell in the mining and finance sectors, and were weakest in retail, wholesale and agribusiness.

Conditions were strongest in the transport and recreation sectors, the report said.

NAB chief economist Alan Oster said the first home buyers grant reduction caused a sharp fall in business conditions for the property sector.

At the beginning of 2010, the first home buyers grant from Australian government was reduced to 7,000 AU dollars (6,942 U.S. dollar) after having been reduced from 14,000 AU dollars (13,884 U. S. dollars) to 10,500 AU dollars (10,413 U.S. dollars) in October last year.

In the survey, business plans on capital spending for the next 12 months had a modest increase in the September quarter.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion