NAB's Quarterly Business Survey is different to the monthly,

  • a different survey
  • also examines additional information about how firms perceive the outlook for their industries

In brief highlights:

Business conditions (an average of trading conditions/sales, profitability and employment) continued their downward trend

  • down 3pts to +1
  • long-run average is +2
  • Trading, profitability and employment all declined in the quarter

Business confidence

  • +6 (from 0)
  • possibly reflecting some post-election and rate cut optimism

Leading indicators

  • suggest there is likely to be little improvement in business conditions in the period ahead

other forward-looking indicators generally weakened further

Labour indicators

  • pulled back further in the quarter.
  • Employment eased further, as did expectations of employment at the 3- and 12-month horizon
  • While both expected and current employment remain above average, the deterioration across these measures suggests some loss of momentum in the labour market

Survey measures of inflation pressures remain weak.