Two-Thirds of Australian Companies Miss Annual Sales Targets

A subdued domestic economy and increasing risks from an uncertain global outlook have prompted Australian companies to take a cautious view of the year ahead, Bloomberg News reported. With an economy that even Australian Prime Minister Scott Morrison conceded on Monday is “soft,” new tariffs from the U.S. taking effect on around $110 billion of Chinese imports earlier this week and Brexit looming at the end of next month, not a lot of companies are optimistic about their future. “It’s a difficult time for corporate Australia,” said Matt Sherwood, Perpetual’s head of investment strategy in the multi-asset team. “There’s not a lot of revenue growth out there because the economy is soft and the global picture is quite clouded at the moment.” Read more