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Business confidence in Australia surged in August, according to the latest survey reported Tuesday by National Australia Bank.
The Bank's business confidence index reading for August was 11.0 in August compared to 2.0 in July.
Business conditions was flat, NAB said. Its index of the current business climate held at 5.0, unchanged from July.
Based on the NAB surveys, the bank is forecasting the Reserve Bank of Australia will leave interest rates unchanged for the remainder of the year, unless the inflation at the end of October is unexpectedly high.
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