NAB Monthly Business Survey

- showed business confidence rose in August by 9 points to +11, its highest reading since April 2010. Business conditions were unchanged on the month at +5 points, remaining well below the levels reported in H1 2010. As such, and due to other strong readings (GDP), NAB have revised their growth forecast up to 3.25% from 3.00% over 2010. They believe there is some chance of a hike in Nov but chances are that it will be early 2011.