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NAB: Business Conditions Worsen, Demand for Credit at Four-Year Low
Topic Started: 15 Feb 2012, 07:22 PM (689 Views)
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Business demand for credit at four-year low

Peter Martin
February 15, 2012

IT'S not just the Reserve Bank that's sitting on its hands. The latest NAB business survey shows an astonishing two-thirds of Australian businesses reported no need for finance in January, the highest since the survey began in 2008.

The jump from 64 per cent of businesses requiring no credit to 67 per cent in the monthly survey rendered less relevant the subsidiary question of whether credit was easy to obtain. The survey found conditions broadly unchanged, with a rise in the proportion of borrowers finding loans harder to obtain offset by a rise in the proportion finding them easier to obtain.

"There must be a lot of businesses sitting on their hands," said CommSec chief economist Craig James. "Either firms aren't keen to take on debt, internal sources of funding are healthy, or firms don't want to take on new projects.

"It is not as if confidence has totally dried up. It's that businesses would prefer to hold fire at present, no doubt waiting to see how the European situation and domestic political situation play out. It appears the caution expressed by consumers is infectious, with businesses also seemingly blinded by the headlights of oncoming traffic."

Read more: http://www.smh.com.au/small-business/finance/business-demand-for-credit-at-fouryear-low-20120215-1t5c3.html#ixzz1mR8n77nd
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Business conditions worsen as non-miners struggle

May 7, 2012 - 11:31AM

Conditions for businesses worsened in April, as the gap between the mining and non-mining sectors widened.

The National Australia Bank monthly business condition index fell to zero in April from a reading of 3 in March.

"Conditions deteriorated across all industries in April, with the exception of mining and retail - with the latter's sales boosted by further aggressive discounting," said NAB chief economist Alan Oster.

Business conditions for mining stood at 53 points in April up from 31 in March, while conditions for retail rose to minus-3 in April from minus-15 in March.

Weakness in the Australian economy was the prompt last week for the Reserve Bank to slash its cash interest rate by 50 basis points - the most since the depths of the global financial crisis. Efforts to revive growth at home will be hampered by government efforts to deliver a budget surplus by next fiscal year, and overseas economies are facing slower growth from China to Europe.

NAB's overall trading sub-index fell to 2 in April from 8 in March, while the profitability index turned negative, falling to minus-4 in April from 3 in March.

Retailers such as JB Hi-Fi and Harvey Norman have been forced to cut prices aggressively on goods they import in order to compete with lower prices consumers are increasingly finding online.

Read more: http://www.smh.com.au/business/business-conditions-worsen-as-nonminers-struggle-20120507-1y7yp.html#ixzz1uAC6Amw3
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