Australia businesses upbeat on Q1 sales, profits and orders

SYDNEY, Apr 17 (Reuters): Australian businesses reported an improvement in activity last quarter as sales, profits and forward orders all picked up, a survey showed on Thursday.
National Australia Bank's quarterly survey of more than 900 firms also showed respondents were optimistic the improvement would last with the outlook for the next three to 12 months staying firm.
The survey's measure of business conditions edged up 2 points to a zero net balance in the first quarter, the highest reading in 18 months. Sales, employment and profitability all moved higher in the quarter and there was a notable 4 point rise in the index of forward orders which took it to +2.
Its measure of confidence eased 2 points to +6, but remained above the long run average of +4.
Inflationary pressures remained muted with retail prices up just 0.3 per cent for the quarter, while labour and purchase costs were well contained.