Australian business confidence has dropped rapidly as economic conditions show signs of further deterioration.
During the June quarter profit and sales growth of Australian businesses declined to the lowest levels since March 1991, Dun & Bradstreet’s Business Expectations Survey showed today.
Moreover, executives expect such results to worsen: 50 per cent of surveyed executives said they anticipated a decline in profits in the December quarter.
Despite being overtaken by fuel prices, interest rates also remained a chief concern as did the tighter credit market.
Christine Christian, Dun & Bradstreet’s CEO, urged businesses to be prudent over the coming months.
“With the economy expected to slow further... businesses need to be particularly diligent about managing their operations to ensure they remain financially stable throughout the challenging conditions,” she said.
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