Business conditions and sentiment deteriorated sharply in June, NAB’s monthly Business Survey and Economic Outlook showed yesterday.
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.
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.
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