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Australian business confidence slumps as crisis bites |
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20:19, November 11, 2008 |
Australian business confidence has slumped to its lowest level in at least 11 years as the impact of the global financial crisis takes its toll, a survey released on Tuesday said.
National Australia Bank's (NAB) monthly business survey showed that its index of business confidence tumbled 21 points in October to 29 points, its lowest level since the series began in 1997.
The survey of 400 non-farm businesses also showed business conditions at a seven-and-a-half-year low.
NAB economist John Sharma said uncertainty about the global credit turmoil had knocked business confidence.
"It's more than uncertainty: they don't know what the effects of the current global shock will be," he said.
The NAB now expects the official cash rate to be slashed to under four percent in 2009 as a slowdown in domestic demand hurts the business sector.
Source: Xinhua
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