The latest Dun and Bradstreet Business Expectations Survey has revealed that the economy will continue to slide into recession, with the worst yet to come.
Expectations for the June 09 quarter are less than promising, with 57 percent of businesses anticipating declining sales and 65 percent expecting declining profits.
The sliding Aussie dollar has also affected businesses, with 74 percent indicating that they had been negatively impacted by the dollar.
In more positive news, 46 percent of executives have indicated that recent movements in petrol prices have positively impacted their business.
Dun and Bradstreet CEO Christine Christian, believes that the latest survey shows the financial crisis is yet to fully impact Australian businesses, with executives concerned things will get worse before they get better.
“There is no doubt we are not yet through the worst of the crisis and indeed many businesses are only just starting to feel the impact on the ground.”
She points out that there is a definite need for the Federal Government’s stimulus package.
“This is a demonstration that not only has the Federal Government’s stimulus package been necessary but more will be required before the end of 2009.”