General business confidence declined to its lowest level since 2003, the Australian Chamber of Commerce and Industry (ACCI)-Westpac Survey of Industrial Trends revealed yesterday.
While continuing to grow, the survey showed the Australian economy is certainly slowing down; the outlook for jobs growth and capital expenditure continued to decline.
The survey also showed that companies now see the difficulty in securing credit as an extreme constraint to business.
Greg Evans, director of industry policy and economics with ACCI, said; “We still consider a strong case exists for a rate reduction in October under the weight of further business evidence of the slowing domestic economy.”
“The impact of international instability on global economic growth reinforces the need for this position,” he said.
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