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Australian business conditions have hit their lowest point since the 1990s recession and expectations for the year ahead are at an all time low.
NAB’s quarterly Business Survey and Forecasts released yesterday showed business conditions continued to deteriorate in the March quarter to their lowest point since 1992.
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Most disconcerting, the Survey showed business expectations for the coming 12 months fell to -24 points, the lowest level recorded since the survey began in 1988.
Off the back of the Survey NAB said its Australian GDP forecasts remained unchanged but acknowledged downside risks were building. NAB expects growth of -1 per cent for 2009 and 1 per cent in 2010.
It maintains that the cash rate will reach 2 per cent by the end of the year.
