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Business conditions and sentiment deteriorated sharply in June, NAB’s monthly Business Survey and Economic Outlook showed yesterday.
document.addEventListener('DOMContentLoaded', (event) => { window.dataLayer = window.dataLayer || []; dataLayer.push({ 'event': 'articleTags', 'article_tags': ['Breaking News'] }); });Business conditions fell seven points during the month to an index reading of nil while confidence was down by five points to negative nine – the lowest level since September 2001.
According to the survey, firms highlighted low consumer confidence and higher interest rates as main drivers for weak sales.
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NAB said it expected the economy to weaken faster than previously thought but conceded that higher oil and energy prices would remain strong threats to inflation.
Published: 09-07-08
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