Wednesday, 23 July, 2014

 
Published July 17, 2014
Australian businesses stay upbeat on outlook, plan to raise spending: survey
Nabreu1707

Australian businesses remain optimistic that conditions will improve over coming months and are boosting plans for investment and hiring, a survey showed on Thursday. - PHOTO: REUTERS

[SYDNEY] Australian businesses remain optimistic that conditions will improve over coming months and are boosting plans for investment and hiring, a survey showed on Thursday.

National Australia Bank's quarterly survey of over 900 firms also found that only a third were troubled with the high level of the Australian dollar, while retailers and wholesalers welcomed the downward pressure it put on import costs.

Importantly, firms overall planned to invest more over the next 12 months, holding out the hope that a slowdown in mining spending would not be too much of a drag on the economy.

The survey's index of business conditions over the next 12 months held steady at a solid +24 in the second quarter, while that for investment firmed 3 points to +21.