Aus­tralia busi­ness con­fi­dence falls

The Pak Banker - - Front Page -

SYDNEY

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.

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