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Aussie business confidence still strong despite global market turmoil

Xinhua, January 25, 2016 Adjust font size:

Australia's business conditions and confidence remained strong to close 2015 despite the global market turmoil, the latest business confidence index shows.

The National Australia Bank (NAB) monthly business confidence index eased in December to plus three, down two points from November, while the gauge of business conditions fell to plus seven from plus 10 in November.

"While big recent declines in oil and equity markets highlight potential risks to global outlook, relatively positive business conditions appear to have, so far, acted to reassure business sentiment," NAB chief economist Alan Oster said.

The monthly gauge however hasn't taken into account the dramatic sell-off the Australian, and global markets, have experienced in the New Year.

Though the low Australian dollar is helping support Australia's services sector with both professional/business services out performing over recent months, there was a significant loss of momentum in the retailing and construction sectors which had been improving.

"Falling mining investment is still having an effect on construction, but we are also likely witnessing some loss of momentum in these industries as residential property markets start to cool," Oster said. Endit