Australia business confidence falls
Australian business confidence deteriorated last month on signs of a slowdown in capital spending as the global economy struggles to accelerate, a private survey showed.
The confidence index slipped to minus 1 from zero in September, a National Australia Bank Ltd. survey of more than 400 companies taken Oct. 18-31 and released in Sydney today showed. The business conditions gauge, a measure of hiring, sales and profits, dropped to minus 5 from minus 3.
The survey said the economy "stumbled" into the fourth quarter as a capital-spending gauge declined to the lowest level since August 2009. Sentiment worsened even after Reserve Bank of Australia Governor Glenn Stevens cut the overnight cash-rate target last month, bringing to 1.5pc.