Australian business confidence surged in September to the highest level in 3 1/2 years as majority government and lower interest rates encouraged companies, even as employment conditions remained poor, a private survey showed.
Australia’s dollar retreated from a one-week high versus its U.S. peer after reports today showed the nation had a bigger-than-expected trade deficit in August and building approvals climbed less than economists forecast.
Australian business confidence slumped to an eight-month low and Treasury confirmed a blow out in the fiscal deficit, complicating Prime Minister Kevin Rudd’s bid for re-election based on an economic management pitch.
Australian business confidence slumped to an eight-month low and remained “extremely poor” in the key mining industry as interest-rate cuts and a weaker currency failed to encourage companies, a private report showed.
Australia’s online spending is showing a “clear slowdown” as fears over the Greek economy and a lull between new models of Apple Inc.’s iPad choke off the appetites of consumers, National Australia Bank Ltd. said.
Australian business confidence slipped in July to the lowest level in more than a year, adding to signs higher interest rates are eroding domestic demand and driving the local dollar down by the most in almost two weeks.
Australian business confidence jumped in August to the highest level in four months, suggesting the economy is avoiding fallout from weaker global growth and increasing the central bank’s scope to resume rate increases.