International Forex Inforamtion

(RTTNews) - Business confidence in Australia soared in the 2nd quarter to its highest levels since the start of the world economic crisis.

The latest National Australia Bank business confidence survey showed an index reading for Q2 of minus-four points, an improvement of 20 points from the previous quarter.

The accompanying business conditions index improved 11 points or minus 9.0 from the Q1 level of minus 20.

NAB economists said the readings showed "significant" improvement for both near and long term business operations. "Current expectations for the next 12 months are the lowest since mid 1991 and imply further deterioration in business outcomes and capital spending over the next year," they said.

NAB said its forecast for Australia's gross domestic product in 2009 remains unchanged at a contraction of 0.5 percent.