National Australia Bank Business Confidence & business conditions for March
- Conditions to their highest in 8 years, to 12 from 8 previously in February.
- All three components of business conditions - trade, profit and employment (a big jump to 5 from 1) - improved.
- Business confidence index up to +6 (from +3)
- Capacity utilisation rate up to 82.1% (from prior 81.5%)
Comments from NAB Chief Economist Alan Oster
- "The very strong outcome in this month's NAB Business Survey provides strong evidence that the non-mining recovery has not been derailed by the financial market volatility and escalation in global economic concerns earlier in the year. While the service sector is still a major driver of the recovery, this survey suggests that the improvements may be becoming more broad-based across the economy - particularly in construction and manufacturing."
More:
- The latest Survey provides strong evidence that the Australian business environment has not only weathered global uncertainties, but appears to have strengthened. There are also signs that the non-mining recovery is becoming a little more broad-based. Consequently, our outlook for the economy remains fundamentally unchanged, with no more cash rate cuts expected, although recent statements from the RBA reinforced the point that were the non-mining sector to show any signs of weakening, lower inflation and AUD strength has increased the RBA's willingness to lower rates.
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NAB's survey is of more than 400 firms