NSW Manufacturing Conditions to Improve in 2001
Monday, 04 December, 2000
NSW businesses have blamed the GST and the Olympics for the weakest manufacturing business conditions since the 1990 recession in a new survey.
The Australian Business Ltd/Commonwealth Bank survey of manufacturing conditions found an almost 30 % increase in the number of firms expecting general business conditions to deteriorate in the December quarter.
The businesses expecting a fall in profits doubled over the September quarter, while production is also expected to decline.
But businesses believe conditions will improve markedly into the March quarter, suggesting the current downturn is only temporary.
"Manufacturers have made it loud and clear that the GST and Olympics caused significant disruptions to activity," Commonwealth Securities chief economist Craig James said.
"The risk is that lower sales, order and employment can have knock-on effects across the business community, thus extending the length of the downturn."
"The situation will have to be monitored closely but it does appear that the economy has only suffered a temporary illness."
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