Levels of business confidence slump 40% in Australia

BUSINESS confidence levels in Australia have slumped by 40% in the past 12 months, according to a new report.

Optimism levels among Australian companies as measured by the annual Grant Thornton International Business Report have gone from 79% at the start of 2010 to 37% as of now.

The decline in consumer spending and an increase in interest rates have shaken the confidence of the business community in the country.