Both the economic outlook and activity softened in the November business survey, with the easing evident across most states and industries. Business confidence saw a second consecutive decline and is now at its lowest level since 2012 (outside of the COVID period). Unsurprisingly, a further increase in rates saw confidence in the key consumer-facing sectors – retail and recreation & personal services – fall further into negative territory. Business conditions also eased and are now at their lowest level since early in 2022. Though they remain above average, they are now well off their recent peak in mid-2022 and at a ... (full story)