There are concerns that the recent interest rate rises in Australia will shatter levels of confidence, leading to a fall in investment and employment levels.
The Australian Chamber of Commerce and Industry yesterday published its quarterly survey of business confidence. The survey revealed a sharp deterioration in expectations for the economy.
It is anticipated that the rate of interest will rise again by as much as 0.5% within the next three months. Such a rise can only lead to a further fall in levels of confidence.
Financial Times