Business confidence takes dive
In the biggest fall since December 09, business confidence dropped 8pts to 4.6pts - its lowest level in 12 months.
Findings in the NAB business survey are attributed to the sharp fall in confidence amongst mining companies amid tax fears, as well as global jitters.
Business conditions also slipped 2pts to 5.8pts – the lowest level since January2009. However, this is the survey's long-term average.
While mining companies reported the biggest dip in confidence, they also reported the strongest business conditions.
The report concluded that weaker business conditions did provide good news for inflation.
Some slowdown in growth mid-year has always been expected, according to the survey.
By Andrea Cornish | 09 Jun 2010
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