NAB Business Confidence fell to 6

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Tuesday, Apr 11 2017

NAB Business Confidence fell to 6

Australia's March business conditions improved dramatically, coming in at 14 vs 9 last, while confidence stood at 6 vs 7, with NAB noting that business conditions hit their highest level since the GFC in March. Results from the March NAB Monthly Business Survey point to an overall healthy economy that is gaining momentum, at least in the near-term. Business conditions hit their highest level since the GFC in March, although Cyclone Debbie may be behind the smaller representation of Northern Queensland firms in the March sample, potentially overstating the magnitude of the improvement in conditions.

Meanwhile, business confidence outcomes have been perplexing, diverging somewhat from business conditions of late – albeit staying at solid levels – while weak Survey outcomes in retail are still a point of concern. Business conditions are consistent with NAB’s outlook for economic growth to accelerate in H2 2017, following some likely disruption in Q2 from Cyclone Debbie. However, the longer-term outlook remains less compelling, particularly as major growth drivers (LNG exports, commodity prices and housing construction) begin to fade.

More in this category: « US dollar mixed at beginning of the holiday week UK CPI unchanged in March »

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