Australian business confidence lowest since 9/11

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