No real momentum for Australian economy

Business conditions in Australia were lower for the second month in a row in December while confidence edged slightly higher, according to National Australia Bank's (NAB) monthly business survey, released on Tuesday.
NAB said business conditions fell by 1 point in December to 4 index points and the survey "again shows a patchwork economy with little-to-no momentum building."
A downward trend in construction and mining industries was evident and the bank is now forecasting unemployment to peak at 6. 6 percent in the last quarter of 2015, up from the current official rate of 6.2 percent.
Business confidence improved slightly, but was still below long- run average, as falls in commodity prices magnify declines in confidence in the mining industry.