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By: Staff Reporter
Two successive rate hikes in April and May and economic uncertainty in Australia and abroad has led to a stall in business confidence and expectations, a study has found.
According to the CBA – Australian Chamber of Commerce and Industry (ACCI) Business Expectations Survey for the June quarter, overall business confidence fell in the June quarter.
As at the June quarter, business expectations for the next 12 months sat at 56.4 points – a fall from 60.7 in the March quarter.
ACCI director of economics and industry Greg Evans said the softening of business trading conditions and expectations was “concerning”.
“Business confidence, which had been overly optimistic since the middle of last year, has retreated to more temperate levels over the June quarter,” he said.
“Small businesses in particular continue to face soft trading conditions and lacklustre profitability and investment performance.
“Weak selling prices, rising operating costs, insufficient demand and problems associated with accessing credit remain barriers to sustainable private sector led recovery.”
The survey asked business firms to indicate how their business has performed over the past quarter relative to the previous quarter, according to 11 different measures, including business conditions, sales/revenue, wages, profits, and employment.
By: Staff Reporter
Two successive rate hikes in April and May and economic uncertainty in Australia and abroad has led to a stall in business confidence and expectations, a study has found.
According to the CBA – Australian Chamber of Commerce and Industry (ACCI) Business Expectations Survey for the June quarter, overall business confidence fell in the June quarter.
As at the June quarter, business expectations for the next 12 months sat at 56.4 points – a fall from 60.7 in the March quarter.
ACCI director of economics and industry Greg Evans said the softening of business trading conditions and expectations was “concerning”.
“Business confidence, which had been overly optimistic since the middle of last year, has retreated to more temperate levels over the June quarter,” he said.
“Small businesses in particular continue to face soft trading conditions and lacklustre profitability and investment performance.
“Weak selling prices, rising operating costs, insufficient demand and problems associated with accessing credit remain barriers to sustainable private sector led recovery.”
The survey asked business firms to indicate how their business has performed over the past quarter relative to the previous quarter, according to 11 different measures, including business conditions, sales/revenue, wages, profits, and employment.
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