From the National Australia Bank Business Survey for September 2022

Business confidence 5

  • prior 10

Business conditions 25

  • prior 22

The conditions measure is more objective than the sentiment-baed confidence measure.

NAB comments:

  • Conditions are now higher than their pre-COVID peak, which shows just how strong demand is at present
  • Clearly, consumers are still finding a way to keep spending, with the very strong labour market, savings buffers and a broader post-pandemic recovery all playing a role.

Sub index highlights:

  • employment, capex strong
  • labour and input costs are high but are looking as if they have peaked

more to come