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Business confidence leaps in Australia: report

Xinhua, July 14, 2015 Adjust font size:

Australian business confidence jumped to a 22 month high in June as conditions improve, a National Australia Bank (NAB) report showed on Tuesday.

But it also showed firms remain reluctant to hire or invest despite the upbeat mood.

The NAB monthly survey showed business confidence index rose from 8 to 10 points last month, its highest level since September 2013.

NAB chief economist Alan Oster said firms also reported improved conditions with the index leaping from 6 to 11 in the month.

"Really, what is happening is that you've had a combination of lower rates, a more competitive dollar, a better budget in terms of perceptions, and fundamentally better outcomes," he said on Tuesday.

But he was reluctant to predict the future.

"It is hard to tell, what I think we are seeing is signs that the non-mining economy is doing better than expected," he said. Endi