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Newsletter #364 (View other news stories)
Gloomy forecast for third quarterMELBOURNE, Victoria, Australia Thursday, 12 Jun 2008
The latest business expectations survey by Dun & Bradstreet shows that businesses are expecting a steep decline in sales, profits, employment growth and capital investment, with all of these indexes now in negative territory.
According to D&B, Australia's business executives are anticipating a bleak September quarter as high fuel prices, continued inflationary pressures and slowing consumer spending hurt sales and profit margins. Christine Christian, D&B chief executive officer, says the business community is now anticipating a rapid slow-down in activity in the coming months. "Adding to the list of challenges, better than expected GDP results for the March quarter have fuelled speculation regarding the need for a further rate rise. Any further increase in the cost of credit will likely add pressure to a number of businesses, with SMEs likely to feel the greatest burden." According to Dr Duncan Ironmonger, the company’s economic consultant, the Australian economy has started to slow. "Last week's March quarter GDP numbers confirm the start of an economic slow-down. Although income tax cuts in the Federal Budget will provide some stimulus, interest rates and credit will remain tight for the remainder of 2008," says Dr Ironmonger.
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