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You can find the current article at its original source at http://www.theguardian.com/world/2014/feb/11/manufacturing-boost-business-outlook-strong-recovery-january
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| Version 1 | Version 2 |
|---|---|
| Strong manufacturing gives hope for sector in wake of Toyota shock | Strong manufacturing gives hope for sector in wake of Toyota shock |
| (7 months later) | |
| Toyota may be closing but Australia’s manufacturing sector has helped boost the country’s economic outlook with a surprisingly strong turnaround in January. | Toyota may be closing but Australia’s manufacturing sector has helped boost the country’s economic outlook with a surprisingly strong turnaround in January. |
| Business conditions have risen to close to a three-year high, a private survey showed on Tuesday, while business confidence is up for the first time in four months. | |
| January’s sharp fall in the dollar helped manufacturing conditions recorded a surprisingly strong turnaround for the month, the National Australia Bank’s monthly business survey of more than 400 firms has found. | |
| The news had the effect of pushing the dollar back up through US90 cents as it continued its February rally. The Aussie was worth US90.07 cents in afternoon trading on Tuesday. | The news had the effect of pushing the dollar back up through US90 cents as it continued its February rally. The Aussie was worth US90.07 cents in afternoon trading on Tuesday. |
| The NAB survey shows business conditions maintained December’s momentum, rising one point to four, the best since March 2011 and close to their long-run average. | |
| Confidence is up two points to eight, and is above its long-run average. It also is generally positive across all states. | Confidence is up two points to eight, and is above its long-run average. It also is generally positive across all states. |
| “Now that conditions are on the rise, confidence may continue its run of surprising (post-election) resilience for a while longer,” NAB said on Tuesday. | |
| “Confidence is now positive for most industries, although wholesale (a bellwether industry) and mining are both negative – significant given the increased importance of mining to the Australian economy.” | |
| Conditions appear to have turned around due to low interest rates and a depreciating Australian dollar, the NAB said. | Conditions appear to have turned around due to low interest rates and a depreciating Australian dollar, the NAB said. |
| Inflation pressures remained subdued, but were building on the back of rising costs while labour costs growth was restrained. | Inflation pressures remained subdued, but were building on the back of rising costs while labour costs growth was restrained. |
| The announcement that Toyota is closing its Australian operations by 2017 will cast doubt on the country’s ability to maintain its manufacturing base. | The announcement that Toyota is closing its Australian operations by 2017 will cast doubt on the country’s ability to maintain its manufacturing base. |
| The mixed picture for the sector was underlined on Tuesday when Graincorp said it would slash 130 jobs and close its Murarrie plant in Brisbane as it shifts its food manufacturing operations to Victoria. | |
| The grains marketer plans to inject $125 million into its edible oils manufacturing operations and relocate its food operations in Murarrie to Numurkah and West Footscray. | |