A measure of Australian business conditions fell from decade highs in February as sales unwound some surprisingly strong gains the month before, though activity remained above average across most sectors.
National Australia Bank's monthly survey of more than 400 firms showed its index of business conditions dropped 7 points to +9 in February, but stayed above the long-run average of +5.
All sectors except retail reported positive conditions in February.
The survey's measure of business confidence dipped 3 points to +7, but again was high historically.
"Business conditions are still at quite lofty levels, consistent with our expectation for the economy to enjoy solid rates of growth in the near-term," said NAB's chief economist, Alan Oster.
The economy grew a faster-than-expected 1.1 percent in the fourth quarter of last year, underpinned by strength in consumer and government spending and home building.