Australian Firms Show Resilience as Consumers Still Pessimistic
- Consumer confidence edged up, but remains ‘deeply pessimistic’
- Firms still aren’t seeing expected slowdown in economic growth
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Australia’s business conditions showed ongoing resilience in June, defying the Reserve Bank’s more than yearlong tightening cycle and warnings of slower economic growth, while consumer confidence remained in “deeply pessimistic” territory.
Business conditions, which measure sales, employment and profitability, were steady at 9 points and held above their average since the start of the year, a National Australia Bank Ltd. survey showed Tuesday. Confidence rose 3 points to zero, implying pessimists and optimists are evenly matched.