Business executives remain pessimistic about Australia’s economic outlook amid expectations that conditions will deteriorate in the December quarter.
According to Dun & Bradstreet’s (D&B) Business Expectations Survey sales and profits growth expectations have now fallen by 42 and 41 points respectively since the December quarter 2007.
Interest rates remain a major concern – 38 per cent of executives ranked high rates as most likely to impact their business in the December quarter – up from 33 per cent last quarter.
Petrol price concerns fell ten per cent but still remain high at 37 per cent; wage price growth concern surged by four per cent to 21 per cent.
D&B CEO Christine Christian said last week’s RBA interest rate cut would be welcomed by business executives.
“[It] supports expectations that conditions will slow further, at least in the short term. Despite this, the rate cut will be welcomed by executives due to its likely flow on effects on spending and investment,” she said.
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