Australian business conditions index soars

Sydney

AUSTRALIAN business conditions jumped to the highest level in more than nine years and the employment gauge surged, diminishing the likelihood of interest rate cuts in the near term. The business conditions index - a measure of hiring, sales and profits - jumped to 16 in January from a revised 10 in December, a National Australia Bank Ltd (NAB) survey of more than 400 firms conducted from Jan 27 to Feb 3 showed.

Business confidence climbed to 10 from six, the best result in almost three years, and a gauge of employment rose to the highest level since 2011.