"While there has been no significant deterioration in overall terms the survey continues to suggest very little to no growth in the private sector."
The impact of the bushfires that intensified steadily through December, hurting tourism and spending at the peak of the holiday period, was felt in the most populous states of New South Wales and Victoria. "Looking forward, businesses themselves do not anticipate a material improvement with forward orders still weak and capacity utilisation having fluctuated around its average in recent months," Mr Oster added.Mr Oster said there was a risk that ongoing weakness in business activity could result in a pull-back in hiring intentions in a disappointing outcome for the country's central bank which is expecting unemployment to fall further.
The Reserve Bank of Australia cut interest rates three times last year to a record low 0.75 per cent to help revive growth and inflation. The cuts helped boost home prices and sent the jobless rate sliding to 5.1 per cent. The RBA kept rates unchanged last week at its first meeting of the year and signalled steady policy in the period ahead.
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