Australian economy showing signs of ‘fragility’: Andrew McKellar

Australian Chamber of Commerce and Industry CEO Andrew McKellar says a recent survey has revealed “marked indicators of fragility” in the economy during the March quarter. The Australian Chamber of Commerce and Industry has released its quarterly survey of industrial trends showing conditions in the manufacturing sector have deteriorated due to several factors. “There is a stronger sense of pessimism than there has been for a while,” Mr McKellar told Sky News Australia. “It really points to the fact that higher interest rates over the past 12 months have done their work – they have taken the heat out of the economy. “We now have to be very careful about getting the balance right over the coming months.”