Australia's Business Confidence fell to -3 in May, indicating a negative outlook due to high interest rates and consumer concerns.
Australia's Business Confidence fell to -3 in May, marking a negative outlook, as high interest rates and darkening consumer outlook affect the corporate sector, according to National Australia Bank's survey. Business conditions, which measure sales, employment, and profitability, slipped to 6, below their long-run average. The survey recorded declines in conditions across most consumer-facing industries, while forward orders held negative. Cost and price growth measures, however, rose in the month, suggesting the process of bringing supply and demand back into balance remains incomplete.
June 11, 2024
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