This via Westpac on the National Australia Bank Business Survey
Data is here from earlier ICYMI: Australia - NAB (Sep.) Business Conditions 14 (prior 15) & Confidence 7 (prior 5)
In brief from WPAC:
NAB business survey positive overall. But conditions are uneven, which is concerning for the outlook.
- Overall business conditions are elevated, centred on a strengthening in the construction sector, with positive spill-over effects to other industries, including manufacturing, transport, and wholesale.
- However, the economic expansion is uneven, with weakness in the consumer sectors, particularly retail, evidence that the household sector remains under pressure.
- Notably, debt levels are high; wages growth is weak (with a lack of pass-through from stronger national income associated with high commodity prices); energy costs are rising; and more recently, lending conditions have tightened, seeing a cooling of the established housing market.
- Jobs growth has been strong, in part a correction to excessive caution in 2016 around the Federal election, and the survey continues to point to further near-term strength.
Westpac saying "The September update repeated familiar themes" - yes. Bolding above is mine.
