Australia financial firms in worst downturn since 2008 crisis

The Australian financial sector is facing its worst downturn since the global financial crisis of 2008, as the scandals revealed during the royal commission hearings are still taking a toll in the industry. The business conditions index  dropped to 2 in December from 11 a month earlier, a NAB report showed . A gauge of employment fell to 4 from 9 in November, while profitability plunged to zero from 8. A separate confidence index was unchanged at 3. The index measures hiring, sales and profits. NAB chief economist Alan Oster said the drop had been "broad-based" across all states and i...