Australian business confidence falls sharply in June quarter: survey

13:51, July 21, 2011      

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Business confidence in Australia fell sharply in the June quarter, hampered by a high Australian dollar and cautious consumers, the latest business survey conducted by National Australia Bank (NAB) showed on Thursday.

The NAB business survey of the second quarter of calendar 2011 also found that business conditions rose slightly, but remained at subdued levels.

NAB's index of business confidence fell from 11 points in the March quarter to six in the June quarter, while the business conditions index rose one point, to three.

"The softness in conditions is likely to reflect a slower than initially anticipated post-flood recovery, as well as general weakness in domestic demand," NAB reported on Thursday.

The decline in the confidence index in the June quarter fully unwound gains made in the previous quarter, NAB said.

"This outcome is likely to reflect the impact of the high Australian dollar, continued cautiousness of households and concerns about the global outlook on sentiment."

Source:Xinhua
 
 
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(Editor:陈乐乐)

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