Australias index of business conditions doubled to +18 in March, while confidence added 3 points to +16, survey from National Australia Bank showed. The measure of business conditions picked up sharply in March as firms saw strong sales and labour conditions, while surging costs pushed retail prices higher in a worrying sign for inflation. The surveys measure of sales jumped 13 points to +24, while profitability rose 8 points to +13. The employment index added 4 points to +12, suggesting the jobless rate will soon drop under 4% for the first time since the early 1970s.
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