Australian business confidence advanced in March as the global economic outlook improved and the local currency weakened by the most in six months, a private survey showed.
The confidence index rebounded to 3 last month from a five-month low of 1 in February, the National Australia Bank survey of about 400 companies taken from March 26-30 and released in Sydney yesterday showed. The business conditions gauge, a measure of hiring, sales and profits, rose to 4 from 3.
"The positive boost to sentiment in March appears to have partly stemmed from optimism about the recent moves to stabilise the Greek debt situation, as well as recent positive economic data out of the US," NAB chief economist Alan Oster said.
Job ads, meanwhile, advanced in March for a third straight month, reaching the highest level in 3 years, according to the ANZ.
- Bloomberg
