Australia financial firms in worst downturn since 2008 crisis

Pedro Gonçalves
clock • 1 min read

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...

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