NAB shows business confidence slips
(14 September 2011 – Australia) National Australia Bank’s August business conditions survey showed business confidence across all industries fell 10 points in August from July.
NAB chief economist Alan Oster said manufacturing is now effectively 'in recession'.
Manufacturing hit the headlines in August after steelmaker BlueScope Steel announced massive layoffs and the closure of export operations, citing lost competitiveness.
Manufacturing unions have since demanded a government response to the crisis, but the government has resisted a shift toward protectionist policies.
The Australian Industry Group's Performance of Manufacturing Index, released earlier this month, fell to 43.3 points, well short of the reading of 50 points that separates expansion from contraction.
The data also follows a World Economic Forum survey on global competitiveness this month which showed Australia has slipped to 20th from 16th out of 142 countries.
Manufacturing hit the headlines in August after steelmaker BlueScope Steel announced massive layoffs and the closure of export operations, citing lost competitiveness.
Manufacturing unions have since demanded a government response to the crisis, but the government has resisted a shift toward protectionist policies.
The Australian Industry Group's Performance of Manufacturing Index, released earlier this month, fell to 43.3 points, well short of the reading of 50 points that separates expansion from contraction.
The data also follows a World Economic Forum survey on global competitiveness this month which showed Australia has slipped to 20th from 16th out of 142 countries.
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