National Australia Bank business confidence for Q2: 6 (prior was 7)

• National Australia Bank business confidence for Q2: 6 (prior was 7, revised from 6)
• Capacity utilisation at 80.3%

We get NAB Business Confidence monthly, so the quarterly data is not as big a focus.

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From Alan Oster, Chief Economist at National Australia Bank:

• Business confidence eased a touch, but remains at relatively resilient levels post-budget.
• Business conditions improved marginally as under performing industries improve.
• Forward indicators point to further modest improvement over coming months, but the economy will remain sub trend with soft labour demand.
• Medium term expectations for conditions flat
• Capex expectations up somewhat
• The survey measures of price pressures suggest lower inflation – especially retail prices
• Special question on the impact of currency shows retailers and wholesalers benefiting from strengthening AUD