Australian business conditions soften: NAB survey

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SYDNEY (MarketWatch) -- Australian business conditions and expectations softened in the three months to the end of December, according to National Australia Bank's quarterly business survey out Tuesday. Business confidence fell to 5, from 9 in the September quarter, the survey showed. Current business conditions declined to 2 in the December quarter, from 5 in the September quarter, according to the survey. The survey said that optimism about the outlook was on the wane even before the severe floods in December and January. It added that the lower business-conditions reading was driven by a sharp fall in profitability.

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