Fed: Business confidence continues to wane

AAP General News (Australia)
02-05-2001
Fed: Business confidence continues to wane

Business confidence continues to plummet despite the Reserve Bank's expected cut in
official interest rates tomorrow.

The Australian Chamber of Commerce and Industry today added to the growing gloom and
doom among business operators with its latest survey showing a sharp fall in confidence.

Almost 38 per cent of firms say the economy will weaken -- a climb of more than 10
percentage points in a quarter.

ACCI chief executive MARK PATERSON says the fall in confidence is due to interest rate
hikes by the Reserve Bank.

Last week Treasurer …