Business spending in Australia decelerated for the fourth straight month in June, according to Commonwealth Bank’s Business Sales Indicator (BSI).
Annual trend sales growth also fell from 4.6% to 4.1% – the slowest growth in 19 years.
Notably, business spending dipped even though the Reserve Bank of Australia (RBA) cut rates buy 25 basis points to 1.25% in June. The central bank cut rates by additional 25 basis points earlier this month and is now widely believed to be on a wait-and-watch mode.
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