The National Australia Bank (NAB) business survey for December showed that a massive deterioration in the Australian business condition, with the figures coming in at 2 versus 11 last. Meanwhile, the business confidence numbers steadied at 3.
Business conditions for December slumped 9 points to under the long term average of 6.
NAB Chief Economist Alan Oster noted: “At face value, the fall over the past 6 months suggests a significant slowing in the momentum of activity in the business sector – especially from the highs seen earlier in the year”
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