Australian business confidence held in March close to its highest level in almost eight years as companies reported a surge in forward orders that suggests the economy is weathering higher central bank borrowing costs.
The confidence index slipped 3 points from February to 16, according to a National Australia Bank Ltd. survey of more than 400 companies between March 25 and March 31 released in Sydney today. The bank’s business conditions gauge, a measure of hiring, sales and profits, rose 5 points to a two-year high of 13.
