Australia’s Q1 Business Conditions Outlook Hit Record Lows: Survey

(RTTNews) - Tuesday, results of the investor confidence survey by the Australian Chamber of Commerce and Industry showed that business conditions weakened over the December quarter of 2008. Further, expectations for the first quarter of 2009 dropped to record lows.

The indicators for businesses’ own conditions and sales reached their lowest level since the survey began in 1998. Meanwhile, the gauge for profitability fell to its lowest level in seven years.

The index of Own Business Conditions - Current fell to 53.5 in the December quarter from 57.3 in the September quarter. However, the index remained positive, indicating that trading conditions were down but not yet critical, the report said.

The Own Business Conditions - Expected index dropped to 50.2 from 55.3.

The survey covered the three months to December 2008 and had 1,090 respondents.

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