Business confidence edged down in the second quarter of 2010 compared with the previous quarter, a private sector survey showed.
The Westpac Australian Chamber of Commerce & Industry expected composite index fell to 56.6 from 57 in the first quarter. In the prior survey, expectations had been for a reading of 64.7 for the second quarter.
Westpac attributed the shortfall to slower domestic demand growth in the first-quarter gross domestic product report, a series of rate hikes from the Reserve Bank of Australia, and elevated concerns on the global outlook amidst the European debt crisis.