Business confidence is “much higher”, despite only slightly improving conditions, according to results from the National Australia Bank’s latest monthly business survey.
The survey found businesses are reassessing their post-election expectations to align with “sub-par business outcomes”.
A rate cut is still expected mid-2014, and unemployment is expected to rise to 6.5% by late 2014.
Internationally, NAB expects the global upturn to continue in line with forecasts, where advanced economies see a faster recovery and the Chinese and Indian economies will “fare better”.
The number of home loans approved in October has lifted 1% to 52,305, seasonally adjusted, according to the latest Australian Bureau of Statistics figures.
The value of total dwellings committed to in October rose 4.1%, seasonally adjusted, to $26.486 billion.
The biggest increase was from the value of fixed loans for investment housing, with the value of these loans lifting 8.2% to $10.3 billion
Aussies shares have opened higher this morning, following minor gains on Wall Street overnight on the back of positive United States employment figures.
The S&P/ASX200 benchmark was up 33 points to 5177.4 at 12:06pm AEDT. Overnight the Dow Jones closed 5.33 points higher, up 0.03% to 16,025.53.
