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Australia's business confidence fell to the lowest on record in March as shutdown of companies to curb the spread of coronavirus dampened business activity, survey data from the National Australia Bank, or NAB, showed Tuesday.
The business sentiment index declined sharply to -66 in March from -2 in February. This was the biggest fall on record and reached its lowest level since the series started.
The business conditions index plunged to -21 from zero in February.
The survey showed that recreation and personal services reported the largest hit.
Australia's treasury forecast the unemployment rate to rise sharply to 10 percent in the June quarter and it might have gone up to 15 percent in the absence of fiscal stimulus.
