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Consumer sentiment is stuck at recessionary levels and businesses are increasingly pessimistic about the outlook for the economy amid bets of further rate rises
The local sharemarket nudged up 0.2 per cent as WiseTech reaches new highs. Energy and miners lag as investors fret about demand from China.
Australia's NAB Business Confidence Index reported a decline in May, dropping from 0 to -4. Furthermore, Business Conditions witnessed a significant drop from 15 to 8. Looking at some details, trading conditions fell from 22 to 14, profitability conditions went down from 12 to 7, and employment conditions also experienced a drop, going from 11 to 4.
'There will be a significant slowdown in the economy.'
'There will be a significant slowdown in the economy.'