Australias business confidence deteriorated in June as global uncertainty, looming interest rate hikes and inflation continued to cloud the outlook, survey results from NAB showed. The business confidence index fell to +1 from +6 in May. Confidence in the retail sector fell sharply by 20 points to well into negative territory, reflecting concerns about the outlook for household spending. At the same time, the conditions index eased two points to +13 in June. All three components of conditions eased, with trading conditions down 3 points, profitability down 4 points and employment down 2 points. Powered by Commodity Insights
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