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Interest rate cuts are set to come sooner rather than later, according to NAB’s March Business Survey & Economic Outlook.
According to the report, business conditions fell in March to reach plus seven index points, the lowest reading since December 2002. Business confidence also fell two points during March to negative four index points, the lowest level since September 2001.
While the economy appears to be slowing, NAB expects high terms of trade, tax cuts and the farming rebound to partly offset this. It has however readjusted its forecast for interest rate cuts from mid 2009 to early 2009, with the chance of rate cuts late this year not out of the question.
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Published: 09-04-08
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