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PHILLIP LASKER: Two surveys released today showed the extent of the slowing economy. The Australian Industry Group and Housing Industry Association's monthly construction index dropped 11 points to 31. The lowest reading since the survey began three years ago.
The Australian Chamber of Commerce and Industry's latest survey shows profits at a six-year low, while unemployment is expected to rise.
GREG EVANS, ECONOMICS DIRECTOR, ACCI: In 2008 Australian business has been run over by two large trucks. Firstly the domestic economic slowdown and now perhaps even more seriously is international market financial instability.
PHILLIP LASKER: The chamber has welcomed today's one percentage point cut in official interest rates, saying it will provide much needed relief from the difficult trading conditions and falling consumer demand.
Source: Lateline Business
