Australian business confidence and conditions both fell in September from August, snapping a remarkable rebound on both fronts so far in 2009, according to a monthly survey by National Australia Bank.
Business confidence fell four points to +14 in September from August, while business conditions dropped one point to +3 points, the survey said.
The number of employed Australians surged in September, defying economists' expectations of a fall and firming up expectations of more central bank interest rate increases this year.
Crucially, the numbers released have prompted some analysts to suggest the unemployment rate may have already hit its cyclical peak at a time when the nation's industrialised peers are still facing substantial job losses.
Australian housing finance fell in August for the second consecutive month as waning government stimulus and expectations of higher interest rates crimped demand for mortgages.
Having enjoyed robust support from first-time homebuyer grants unleashed by the government to pump demand, economists expect home loan supply to correct further in coming months as the central bank embarks on a tightening cycle.
Sales of new motor vehicles rose a seasonally adjusted 4.9% in September versus August, according to industry figures.
The Federal Chamber of Automotive Industries said 78,131 vehicles were sold in September, or 3.5% less than September 2008 in original terms.
Year-to-date industry sales were 681,974 in September, down 13.1% or 102,958 vehicles from the same time a year earlier.
Australia's trade gap narrowed in August from July but was much wider than expected as the value of exports failed to improve due to falls in coal exports and a stronger Australian dollar.
Moves in the trade position are unlikely to affect the near-term outlook for monetary policy, but the numbers show any recovery in the global economy is yet to feed through to the nation's trading performance.
The Reserve Bank of Australia raised interest rates for the first time since March 2008, becoming the first central bank from the Group of 20 to begin withdrawing stimulus that has sustained the economy through the global financial crisis.
The RBA's cautious one-quarter-of-a-percentage point increase in the cash rate target to 3.25% reflects growing confidence in the global outlook and Australia's remarkable performance since Lehman Brothers' demise in September 2008 shook the world.
The total number of job advertisements in Australian newspapers and on the internet rose 4.4% in seasonally adjusted terms in September compared with August, Australia & New Zealand Banking Group, which compiles the data from major newspapers, said.
The total number of job advertisements rose to a seasonally adjusted average of 136,070 ads per week, contributing to a 44.9% decline from a year earlier, ANZ said.
Australia's manufacturing sector grew for the second consecutive month during September, pushing to its highest level since December 2007, a performance gauge produced by an industry group shows.
The manufacturing sector's return to health is yet more evidence Australia's economic downturn has been much shallower than expected and bodes well for unemployment to peak below government forecasts.
Australian retail sales surged in August, setting the stage for a rise in interest rates by the Reserve Bank of
Retail sales rose a higher-than-expected 0.9% to a seasonally adjusted $19.81bn in August, the Australian Bureau of Statistics said.
Economists surveyed ahead of the announcement had on average expected a 0.5% rise in sales for August. A 2.4% lift in department store sales bolstered the result.
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