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Australian business confidence has fallen to levels not seen since the country’s recession in the early 1990s, the latest Dun and Bradstreet Business Expectations Survey showed today.
The survey of 1,200 companies from various sectors across the nation said executives anticipated a 54 per cent decline in sales and a 59 per cent drop in profits in the March quarter this year.
Despite the dramatic reduction in the official cash rate, 36 per cent of firms rated interest rates as their primary concern for the quarter ahead.
Christine Christian, Dun and Bradstreet CEO, said the challenges of late 2008 had prompted the plunge in business confidence and said those challenges would continue in 2009.
“Executives will be hoping that the loosening in monetary policy, government measures to address the financial crisis and the post Christmas sales will encourage spending throughout 2009. However regardless of the outcome of these measures, business activity will remain depressed in 2009,” she said.
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