Victorian businesses hit hardest as confidence crumbles nationwide
NAB's survey shows Victorian business conditions fell to minus six, the worst among states, as interest rates and election uncertainty take hold.
Victorian business owners are facing the toughest trading conditions in the country. A NAB survey released Tuesday showed business conditions in Victoria fell to minus six in October.
Business conditions in Victoria fell below the national average of minus one. Higher interest rates are weighing on sentiment.
Fuel costs are also a burden. Political uncertainty ahead of the state election is adding pressure.
Retail and recreational sectors are softening fastest. Consumer confidence also dropped 2.7 per cent to a four-year low in Westpac's November household index.
Mortgage holders were hit hardest. Petrol prices are pushing toward $2.40 a litre.
The RBA raised rates to 4.85 per cent, an 18-year high.
- Minus 6
- Business conditions
- Minus 1
- National average
- 2.7 per cent to four-year low
- Consumer confidence drop
- 4.85 per cent, 18-year high
- RBA rate
Why it mattersWeak business confidence in Victoria could slow hiring and spending as the state enters the important holiday trading period.
AustraliaVictorian businesses and workers face tougher trading conditions and job security, while struggling households may cut spending further, rippling across the Australian economy.
✓ Claims checked against the source and corrected before publish. checked 4 h ago
