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Australia sees "moderate" business confidence

Xinhua, August 3, 2015 Adjust font size:

Australian business confidence was at best moderate in the June quarter, the country's leading business body said on Monday.

The Australian Chamber of Commerce said that business index expectations for the Australian economy over the next 12 months dipped 1.5 points to 41.6 on a trend basis, marking the fifth consecutive fall but indicating a slowing rate of decline.

The report said the more volatile seasonally adjusted measure showed a 0.4 point rise in expectations to 42.7.

Businesses reported deterioration in sales revenue, selling prices, profits, employment, overtime utilization, investment in buildings and structures and investment in plant and equipment amid rising wages and non-wage labor costs.

However, export sales increased for the second consecutive quarter, suggesting Australian exporters are beginning to benefit from the falling Australian dollar.

Looking ahead to the September quarter, businesses are expecting an improvement in general business conditions.

Falls however are expected in export sales despite the lower Australian dollar, the report said. Endi