National Australia Bank (NAB) February 2024 business survey:
Business Confidence 0
- prior 1
Business Conditions 10
- prior 7
- compares favourably with its long-run average of +7
Sub measures:
- business sales +5 points to +14
- profitability +3 points to +9
- employment +1 point to +6
- Capacity utilisation 83.4%, from 83.7%
- Quarterly growth in purchase costs +1.8% in February
- Growth in retail prices +1.4%, from +0.9%
NAB comments:
- "It is really too early to say if this is just a temporary lift or the beginning of a more meaningful turnaround,"
- "Cost pressures clearly remain elevated for businesses and it appears there is still some scope for firms to pass this through to output prices"
- "These results are a good reminder that a lot of the progress on inflation to date has been driven by the improvement in the global supply environment and from here, the improvement is unlikely to be linear"
