Profits dip close to a record low

BAD NEWS: ACCI’s Acting Chief Economist Burchell Wilson releases the Business Expectations Survey.
BAD NEWS: ACCI’s Acting Chief Economist Burchell Wilson releases the Business Expectations Survey. LUKAS COCHAAP

AUSTRALIA'S peak business body has blamed Labor's opposition to the repeal of the carbon pricing scheme for continued decline in business performance.

The Australian Chamber of Commerce and Industry's latest quarterly survey of business conditions found a sharp lift in the expected performance of businesses at the same time that actual business outcomes were deteriorating.

With 50 considered a balance between positive and negative outcomes and expectations, general business conditions were rated just less than 43 in the survey of more than 2000 Australian businesses.

Sales revenue fell, labour market conditions weakened further and expectations around selling prices fell to a record low.

The index of profits fell to a miserable 35.7, the lowest in four years and close to its record low.

ACCI chief economist Burchell Wilson said there was "little evidence" of improvement in the non-mining economy.

"At the moment it is clearly still struggling to fire on all cylinders," Mr Wilson said.

"It is evident from the survey that we are yet to see the recent lift in expectations translating into an improvement in actual trading conditions.

"The improvement in confidence is therefore fragile and vulnerable to correction if these expectations continue to be disappointed."

Mr Wilson said Labor's decision to "oppose the repeal of the carbon tax is a body blow to Australian business and has the potential to jeopardise the recent recovery in sentiment".

He called on the Reserve Bank to consider further interest rate cuts.

"Inflation remains well contained and the recent appreciation of the exchange rate will make it more difficult to achieve the re-balancing in the composition of growth that is desperately needed," he said.

"If non-mining activity fails to pick up as forecast in the months ahead it (the Reserve Bank) will need to re-consider its position in February of next year."

Topics:  australian chamber of commerce carbon pricing economy

Gladstone dad, son kept drug stash in esky

Drug offenders Glen Currie and his son Zachary Currie leave Gladstone Courthouse.

Gladstone dad busted with bags of cannabis in his esky and $3870

BREAKING: Crime scenes at two CQ schools with 'suspicious' fires

A building at Biloela State High School was totally destroyed in a fire last night.

Top level of the building was "totally destroyed”

'Unfair for mums, dads': Ploy to make Aurizon cough up rates

Drivers of Aurizon trains are now having to dispose of human waste in the new portaloos installed in coal trains.  Photo Campbell Gellie / The Observer

Mayor wants big companies like Aurizon to contribute to community

Local Partners

SUPER SATURDAY: Plenty on offer in Gladstone today

GET out and about Gladstone...there's tons of stuff going on. The city of Gladstone comes alive today with a multitude of events and attractions.

Your chance to win

Learn More

Former Split Enz front man Tim Finn finds new niche

Singer Tim Finn has written the music for theatre production Ladies in Black.

Musician finds his way to theatre

Barry Gibb is coming to Bluesfest 2017

FANS: Barry Gibb talks to a fan next to a cardboard cutout of his young self.

Aged 70, Gibb has re-launched his solo music career with a new album

Tim Finn headlining at Airlie Beach Music Festival

Music veteran Tim Finn from New Zealand will headline the Airlie Beach Music Festival.

Tim Finn: "It's the kind of festival that artists love"

Azealia Banks won't take legal action against Russell Crowe

Rapper Azealia Banks

Rapper drops legal action against Russell Crowe

Brad Pitt meets with his kids amid divorce proceedings

Actor Brad Pitt

Brad Pitt has met up with his oldest son Maddox

Pictures of Taylor Swift allegedly being groped are sealed

They could "complicate jury selection".

Bruce Springsteen finds therapy useful

Singer Bruce Springsteen

Singer encourages others to seek help

Kerry Washington wants one more child

Kerry Washington recently gave birth to her second child

Kerry has only just become a new mum again

TRAVEL: Musicals light up Sydney

David Campbell performs in Dream Lover.

We take a trip through one of Sydney's finer scenes

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June

Push to sell homes that flooded Gladstone's market

Suburban housing in Glenvale, Toowoomba, Friday, October 17, 2014. Photo Kevin Farmer / The Chronicle

URGENT push to cash-up first home buyers investing in Gladstone.

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals

Cherrabah's mega resort plans axed

PLANS for a massive development at Cherrabah have been scrapped.

What our mayor thinks of the new draft SEQPlan

The plan to use the innovative technology as part of the new Maroochydore CBD was cemented on site today when Mayor Mark Jamieson and Envac Asia Region president Chun Yong Ha formally signed the contract for the $20 million underground waste collection system.

New plan accommodates Sunshine Coast Council's vision for growth.