The economy is set for steady growth in the coming months despite global market volatility, a major bank says.
The recovery of non-mining sectors remains resilient and businesses are more optimistic about the future, National Australia Bank's latest quarterly business survey shows.
NAB chief economist Alan Oster said business confidence and conditions remained positive in the March quarter, with firms looking beyond the "noise" of global markets.
"At this stage firms actually appear more optimistic about the outlook," he said.
Business conditions eased slightly in the quarter, but remained around their post-GFC high and well above their long run average.
"Based on robust business conditions in recent quarters, our model implies steady GDP growth for the first quarter (of 2015/16)," NAB said.
That makes a rate cut in the near future unlikely, Mr Oster added.
The survey also showed businesses are more upbeat about the year ahead, with their capital expenditure plans for the next 12 months up and employment intentions stronger.
"Firms are actually telling us that they not only remain quite upbeat about the outlook, but they have revised up their expectations relative to last quarter," Mr Oster said.
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