Survey finds business conditions at 12-month low
New survey figures show Australia's economic slowdown could be faster than expected.
The poll shows business conditions hit a 12-month low last month.
And with the federal government confirming a looming war with Iraq would cost hundredsof millions of dollars, it's clear all other Budget spending will take a back seat.
The latest National Australia Bank monthly business survey has found business conditionsfell in January to their lowest level in a year.
And uncertainty about Iraq has also taken a toll on hiring plans.
The bank's chief economist ALAN OSTER says the survey points to a slowing in the growthof the non-farm economy, which is now just below four per cent.
While that's still relatively strong, he's warned any further slowdown would have significantimplications for the economic and financial forecasts.
Interest rates remain on hold for the eighth month in a row and economists are tippingthem to stay steady until mid-year.
AAP RTV kmh/sb/tnf/jas
KEYWORD: ECONOMY (CANBERRA)
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