NAB business confidence in Australia rose to 16 in the third quarter of this year compared with a previous -4. Rising business confidence came along with cheerful earnings reported by Australian companies that recently showed improvements in its performance along with recovering world demand.

The National Australia bank said in its statement today that economic growth will accelerate from 0.5% this year to 2.0% in 2010, worth mentioning that the Australian economy expanded 0.6% in the second quarter after avoiding technical recession and growing 0.4% in the first quarter.