Australia Business Confidence Falls to Lowest Since 2009

Australian business confidence plunged last month to the lowest level since April 2009 as a rout in global equity markets and concern about contagion from Europe’s debt crisis damaged sentiment, a private survey showed.

The confidence index slumped to minus 8 in August from 2 in July, according to a National Australia Bank Ltd. survey of more than 500 companies from Aug. 24-30 that was released in Sydney today. The business conditions gauge, a measure of hiring, sales and profits, slid to minus 3 from minus 1.