National Australia Bank Business Survey for June

Business Confidence drops to 2

  • prior 7

Business Conditions crawls off the canvas to just 3

  • prior 1

Those two above are the 'headlines'. Attention to the 'employment' sub index, comes in at 5

  • from 2 in May and -2 in April
  • so, that's improving

The reason its a focus is because the RBA is telling us they are watching labour market developments.

Australia June Business Confidence

Major points noted by NAB (in summary):

  • survey results for June continue to suggest that the business sector has lost significant momentum over the past year or so
  • business conditions remain below average
  • recent run of results also suggest that the economy is unlikely to record a significant pickup in growth in Q2
  • forward orders also remain below average (and are negative), suggesting a near-term turn around in business activity is unlikely
  • Survey measures of inflationary pressure remain very weak

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AUD dropping away a few points