Business

Business confidence fell in July after rising for three consecutive months as uncertainty around the Middle East conflict and oil prices have continued to weigh on the outlook.
Business
Cheyanne Enciso

Business confidence drops on Middle East uncertainty

Australian business confidence has snapped three months of gains as uncertainty over the Middle East conflict and oil prices weighed on the outlook.

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Companies

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The supermarket giant is hiking the price of a household staple as its suppliers face ongoing fuel-related supply chain and operational cost pressures.

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NAB is the latest bank to confirm it is joining the cull, after ANZ revealed it was slashing 3500 jobs and 1000 contractors.

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Consumers are being urged to shop around for the best grocery deals, though Australia’s third-largest supermarket offers the greatest overall value.

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SGH chief executive Ryan Stokes.

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Chief executive Anthony Miller said households were feeling the strain even as businesses kept spending.

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The strong annual result concealed a sudden fall and recovery late in the financial year.

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Financial expert Rachel Cole has cautioned against panic selling investment properties as housing tax changes loom.

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The war on Iran is hitting US partners Australia and New Zealand among those racking up billions of dollars in higher fuel import costs after prices spiked with the closure of the Strait of Hormuz.

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