Business confidence recovered in June as the economy showed signs of accelerating out of a soft spot. The National Australia Bank's monthly survey showed an improvement in both business conditions and confidence in June, after a slump in optimism the previous month.
"While business conditions weakened in early 2004 from the rapid pace recorded in late 2003, there are now increasing signs that the local economy has re-accelerated through the course of the June quarter," NAB chief economist Alan Oster said.
The economy expanded by 0.2 per cent in the first three months of the year, but the June quarter is expected to show healthier growth as exports rebounded and unemployment fell to 23-year lows.
