Australia data - NAB quarterly business confidence for Q1 2022 comes in at 14 (prior 19)

The quarterly business survey from the National Australia Bank does not grab the attention that the monthly data does

NAB Quarterly Business Survey has been released earlier than usual by the bank.

confidence to +14

conditions +9

There are familiar themes in the report on supply chain disruption, higher commodity prices and the tightening labour market. Says NAB:

“The additional detail in the survey points to the continued impact of supply chain disruptions and a tighter labour market. The constraints data do not point to any easing yet on the input side – and this is particularly evident in manufacturing and construction, but materials and labour appear to still be significant constraints in most industries.”
“Accordingly, price pressures remain elevated. The pickup in the quarter was modest for input and output prices but these were already tracking at survey highs. The retail sector saw a larger increase in price growth – suggesting we may well see another solid CPI print for Q1 when the data is released in late April.”