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Australian business sentiment improves in March

Xinhua, April 14, 2015 Adjust font size:

Australian business sentiment has improved in March, according to the latest monthly National Australia Bank (NAB) survey released on Tuesday.

The NAB survey covers 400 companies across most sectors and saw a 3-point improvement in confidence, to 3 index points, and a 4- point lift in conditions, to 6.

According to the report both trading and profitability in Australia improved, and there was also imrpovement in employment.

NAB chief economist Alan Oster said despite the improving positive sentiment the economy was "weak and patchy."

"Low interest rates are continuing to have a notable impact on the particularly sensitive sectors of the economy, like investor housing, but pass-through to the broader economy has been somewhat limited," he said in a statement.

"The lack of a turn around in non-mining investment intentions, both according to Australian Bureau of Statistics and NAB data, is still a major concern, while a reacceleration in Sydney house prices suggest that the RBA's (Reserve Bank of Australia's) capacity to stimulate investment via monetary channels could be severely constrained , they already consider interest rates to be uncomfortably low."

"Nevertheless, business credit growth has improved in recent months and ABS (Australian Bureau of Statistics) data on retail sales are suggesting that consumer spending may be a little better than expected." Endi