SCOREBOARD: Confidence trap

A strong economy, lower rates and accelerating global conditions – Australia's widespread pessimism is a nonsensical disease.

There is an uncomfortable truth about confidence in Australia. The numbers yesterday showed business confidence slumped to its lowest level in almost four years, notwithstanding the fact that interest rates are at their lowest since the late 1960s (excluding the GFC). That’s lending rates as well by the way. While it is counterintuitive to many, the fact is, confidence is lower. Just like the Australian dollar is higher than before the Reserve Bank cut rates. Just last night it shot up another 40 pips or so and is now at 1.0525.

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