Australia's business conditions remain soft, confidence down: survey

Australia's business conditions in November remained soft and confidence dipped for the third consecutive month, according to the National Australia Bank (NAB) monthly business survey released on Tuesday.

The survey showed business conditions and confidence were below their long-term averages in November while profitability has rebounded slightly.

However, the bank is still predicting solid growth in 2011.

"We still expect growth around 4 percent through 2011, giving year-average 3.6 percent," the NAB said in a statement.

"The impending mining investment and export boom should provide a spectacular ride, but the reality is that the train is still yet to leave the platform."

The NAB's Australian growth forecasts have now been reduced to 2.7 percent in 2010, from 3.2 percent, reflecting a weak third quarter and further slowing in demand in the fourth quarter.
(source:xinhua)