MARKET WATCH
Business confidence surges to highest level since 2003, according to NAB survey
Business confidence has reached its highest level since October 2003, based on a broad range of industries, according to National Australia Bank's August survey. Confidence jumped eight points during the month, to reach an overall reading of +18 points, with particular strength in retail, finance, manufacturing and recreational and personal services.

Construction and transport were the only areas to report lower confidence. Business conditions also improved, up three points to a reading of +4 points - the highest level since mid-2008 – on improved trading and profitability. "Confidence levels are now considerably above long term average levels and indeed are at the highest level since October 2003," NAB chief economist Alan Oster said in a statement.

The survey, of more than 400 firms, predated both the Reserve Bank of Australia's decision to keep interest rates on hold at three per cent and the stronger-than-expected GDP estimates for June - data which NAB said "may well have added to confidence levels".

However, NAB said it remained cautious about the potential for further improvements in confidence.

"While these outcomes are very encouraging, to some extent we suspect that current confidence levels may be starting to get to unrealistic levels - just as they fell to overly pessimistic levels earlier in the year," Mr. Oster said.

"Certainly the gap between confidence and actual business outcomes (and indeed business intentions for capital expenditure) points in that direction."

From the Manager's Office

Well - it's official, the North West looks like it has emerged from the Global Financial Crisis and is one of the few regions in this country that has actually experienced strong employment growth since the crisis began in 2007.

Whilst a number of stakeholders, including the Chamber, have been confident that the region would weather the impacts of the economic downturn better than a number of other communities and even some various metropolitan centres, the Bankwest Employment Growth Corridor report has cemented this in black and white, and the news is bringing with it a fresh wave of optimism and business confidence to our City.

The report which was released on Monday, identified five Queensland regions and twenty regions nationally that are shrugging off the economic downturn that could potentially lead Australia out of the Global Financial Crisis. The five regions have been described in the Bankwest report as 'Queensland Hotspots' and have been identified as Ipswich City, the Northern-North West Region, the South & Eastern Regions, Darling Downs-South West and Wide Bay Burnett.

Whilst the report is welcome news for the North West, it is also great to see a number of members reiterate these results with positive stories of expansions, new employment positions and increased trade. As a mining city that is not unfamiliar to booms and busts, the role the region has played in supporting our state and national economy is something to be proud of and paints a solid future for Mount Isa, in times to come.

Until next time...

Hi Everyone from Jo.

Well it's been a really busy fortnight here at the Desert Knowledge Australia Outback Business Networks project (DKA OBN). We have had our first set of clustering workshops held in Mount Isa. I would like to thank all the people that attended and was really pleased to have so many people wanting to be part of the Outback Business Network. The amount of great idea’s that were contributed was another great indicator that business people in Mount Isa are very interested in contributing to what is happening in desert Australia and identifying business opportunities beyond traditional borders.

The National Launch for the DKA OBN is being held on Monday 14 September at Terrace Gardens, commencing at 11am.

We will have an audio link direct to Parliament House Canberra. The Hon Kim Carr, Minister for Innovation, Industry, Science and Research will be officially launching the project at 11.30am. The Terrace Gardens will be providing a wonderful morning tea which will include various delicacies of bush tucker.

Should you wish to attend, or have any questions regarding the DKA OBN, please don't hesitate to contact me on 4743 9881 or 0418 829 742.

On the Books

Membership renewal forms were due back in to the Chamber by the end of August.

At the end of this week (September 11, 2009) any businesses which have not completed their renewal forms for this financial year will be removed from the mailing list.

There is a form attached to this week's newsletter and this form can be filled in and submitted electronically. There is a drop down box for you to select your employee numbers and how you would like us to invoice you. We are moving towards doing most of our business electronically in our efforts to be more 'green'.

If emailed back, there is no need to sign. So save the paper and time for your business.

Download Membership Application Form

Allison Elcoate
Administration