Australian business conditions sharply lower

---

SYDNEY, Aug 12 (AFP): Australian business conditions were sharply lower in July and approaching the lows of 2001 while confidence remained weak, a survey released today said.

The NAB monthly business survey for July found that business conditions fell five points to minus five in that month -- 25 points under its recent peak in October 2007.

The survey said the fall in conditions was very broadly based, with particularly large falls recently in mining, manufacturing and wholesaling.

"The key message from this month's NAB business survey is that the sharp slowdown in domestic demand continued through July and more importantly, that the rate of slowing has, in recent months, accelerated," it said.

"As well as the speed of the deceleration, the view of business that the process is far from finished is somewhat concerning-with forward orders still slipping and confidence remaining at low levels."

Business confidence for July was unchanged at minus nine points.