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Business confidence for the quarter has climbed again, soaring 20 points to the highs last seen in early 2002.
According to NAB’s September 2009 Quarterly Business Survey & Forecasts, business conditions have also improved for the quarter, rising 14 points.
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On the back of this growing confidence, NAB believes the RBA will continue to raise rates by 25 basis points until the official cash rate hits 4.25 per cent in March 2010.
While the bank’s chief economist Alan Oster refuses to rule out a 50 basis point increase at the RBA’s November Board meeting in just under one weeks time, he said rates should only reach 4.75 per cent by late 2010 and 5.50 per cent in 2011.
