NAB has pushed back its forecast for an RBA rate rise until the end of the year, with a second to follow in mid-2012.

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The bank's Monthly Business Survey has indicated slumps in business confidence and worrying conditions in the retail sector, as well as slowing global growth. NAB pointed out that the gap between strongly performing sectors and poorly performing sectors has grown.

Finance/business/property saw markedly improved conditions, as did the recreation industry. Retail, meanwhile, continued to perform weakly.

Confidence fell across all industries except mining. Construction saw the weakest business confidence, followed by manufacturing and retail and wholesale.

In light of the weak results, the bank has now revised its predictions for a rate rise from the Reserve Bank. NAB had initially forecast two rate rises by the end of 2011.

The bank now expects one in December, with a second to follow in May 2012.

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