Australia's private sector is losing momentum, with business conditions"well below average" and weakening further, according to the National Australia Bank's monthly business survey.
"At current levels, and based on historical relationships, the survey suggests that employment will likely grow around 18,000 per month, over the next six months," NAB reported. "Business confidence saw a sharp increase in the month following the federal election and a confirmation from the RBA [Reserve Bank] that rates would be cut in June," said NAB chief economist Alan Oster.
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