Australian Agricultural Outlook Improves In 3Q - Survey
Monday November 10th, 2008 / 0h53
CANBERRA -(Dow Jones)- The outlook for Australian agriculture improved in the third quarter, in part reflecting better seasonal conditions, according to a quarterly agribusiness survey issued Monday. Continuing demand for agricultural products and a slowing in operating cost increases also contributed to tentative signs of improvement for Australian agribusiness, according to the survey published jointly by Westpac Banking Corp. and Charles Sturt University. Results from the survey show a national Economic Performance Index rose 5 basis points to -0.02 in the third quarter from -0.07 in the second quarter, to be well up from -0.12 on year. The index is compiled from a nationwide survey of 1,200 businesses in agriculture and is based on the average of results for business performance, employment and investment indicators. "Final demand for agricultural products had the most significant impact on positive economic performance for Australian agribusinesses surveyed in the September quarter," Westpac's Chief Executive, Agribusiness Banking, Graham Jennings, said in a statement. As seen in Western Australia and Queensland, improved rainfall would provide a further boost in the rest of Australia, he said. Of the agribusinesses that reported seeking finance, 81% reported having no trouble obtaining finance in the past 12 months, which demonstrates the support and confidence Westpac has in the future of the sector, he said. -By Ray Brindal, Dow Jones Newswires; 612-6208-0902; ray.brindal@dowjones.com
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