Australia business conditions toughest in 7 years

  SYDNEY, Aug 12 (Reuters) - A key measure of Australian business conditions hit its lowest level in seven years in July as firms reported falling sales and profitability, adding to the case for an urgent cut in official interest rates. The National Australia Bank's (NAB) index of overall business conditions shed 5 points in July to -5, the worst monthly outcome since October 2001. Tuesday's survey also showed business confidence stayed at a lowly -9 points in July.  

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