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No real momentum for Australian economy: survey

Xinhua, January 27, 2015 Adjust font size:

Business conditions in Australia were lower for the second month in a row in December while confidence edged slightly higher, according to National Australia Bank's (NAB) monthly business survey, released on Tuesday.

NAB said business conditions fell by 1 point in December to 4 index points and the survey "again shows a patchwork economy with little-to-no momentum building."

A downward trend in construction and mining industries was evident and the bank is now forecasting unemployment to peak at 6. 6 percent in the last quarter of 2015, up from the current official rate of 6.2 percent.

Business confidence improved slightly, but was still below long- run average, as falls in commodity prices magnify declines in confidence in the mining industry.

"The trend in confidence is clearly down and at relatively soft levels," NAB chief economist Alan Oster said in a statement. Endi