NAB Business Survey reveals business confidence at record lows
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Australian business confidence continued to fall in October as fears of a growing global recession impacted heavily upon the outlook of the domestic economy.
The monthly National Austalia Bank business survey revealed that confidence fell 21 points to minus 29, the lowest level since the survey began in 1997.
The survey which showed a fall in confidence across all major sectors indicates that falls on stockmarkets and the prevailing negativity in the press regarding the global economy have finally taken their toll on business confidence.
NAB indicated their expectation that the Reserve Bank wil cut rates by another 75 basis points in December and a further 75 basis point cut in the first three months of 2009. This would take the RBA cash rate to 3.75%.
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