National Australia Bank business confidence for May, 7
- prior was 7, revised from 6
National Australia Bank business conditions for May, -1
- prior was 0
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- Business confidence held up well despite the negative reactions elsewhere to the federal bufget
- Conditions remain well below long term average
- Details in the survey are mixed, but notable is forward orders improving
- NAB have upwardly revised their forecast for GDP growth due to stronger contribution from net exports in the first quarter
From today’s report:
- “Dwelling investment and exports are likely to strengthen, but consumption is weak and non mining investment is still showing no signs of filling in the mining investment gap. Critically, we see domestic demand no better than 1% in 2014 and less in 2015. Forward indicators still weak and a tight budget add to mining headwinds. Overall GDP to grow at 3.0% (was 2.9%) in 2013/14 and 3.3% in 2014/15 (was 3.1%) but structural challenges to demand remain considerable.”
