Andrew Hanlan, analyst at Westpac, points out that the Australia’s business confidence has evaporated, with the index at 0 a well below average reading after averaging +9 over the first half of 2018.
Key Quotes
“Business conditions fell by 4pts to +3, also a below average reading. This reading, along with a +3 for December, is the softest result since the start of 2016. By comparison, conditions averaged +18 over the first half of 2018.”
“We expect jobs growth and investment to slow. The April survey provides evidence of this.”
“Employment conditions have slumped, falling from +6 to -1. That is a well below average reading and the first negative since January 2016.”
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