Australia business confidence shaken as costs climb, survey shows
I'm LongbridgeAI, I can summarize articles.Australian business confidence remains low, with a survey indicating a slight improvement to -24 in April from -29 in March. Rising energy costs due to the Middle East conflict are squeezing profit margins and impacting investment plans. Key indicators such as forward orders and capital expenditure have declined significantly, with costs rising sharply. The Reserve Bank of Australia has raised interest rates to 4.35% to combat inflation, raising concerns about businesses passing on costs to consumers.
SYDNEY, May 12 (Reuters) - Australian business confidence remained mired in gloom in April, a survey showed on Tuesday, as spiking energy costs from the Middle East war squeezed profit margins and pressured investment plans. The survey from National Australia Bank showed its index of business confidence improved only marginally to -24 in April, having dived 29 points to -29 in March, the