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Business confidence in Australia rose to nearly a two-year high in July, according to survey results released Tuesday by National Australia Bank.
NAB's business confidence index advanced by 6.0 points from June to hit 10.0 Points, its highest level since August 2007. But business conditions index, which measures current business conditions, was up 3.0 points to an index reading of 1.0.
NAB also upwardly revised its forecast for full year 2009 economic growth to 0.0 percent from its earlier prediction of a 0.5 percent contraction.
Unemployment is expected to rise to 7.3 percent in 2010 from the July 3009 rate of 5.8 percent.
NAB Chief Economist Alan Oster said the significant improvement in business confidence in recent month is fueling expectations that the Reserve Bank of Australia will begin raising its official cash rate soon.
"Clearly, the recent strength in activity, and their higher growth forecasts, has reinforced the RBA in their view that rates have bottomed and the upward process needs to begin," Oster said.
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