The mood among Australian manufacturers has dived as the economic outlook darkens.
Manufacturing businesses have reported a pullback in new orders, stubbornly high costs for materials, energy and labour and ongoing worker shortages.
Souring conditions have prompted the drop off in confidence as measured by Westpac and the Australian Chamber of Commerce to levels last seen during the global financial crisis.
According to the quarterly business survey, 32 percent of respondents expect the general business environment to get worse in the next six months.
Westpac chief economist Bill Evans said conditions in the manufacturing sector were flatlining, with the composite index falling to 50.7 in the June quarter from 53.9 in the three months to March….