National Australia Bank business confidence for November, 1
- prior was 5, revised from 4
National Australia Bank business conditions for November, 5
- prior was 13
Comments from NAB:
- The fall in conditions was driven by all three components (sales, profits and employment), although the last remains the weakest, pointing to only very modest growth in employment – insufficient to prevent a further rise in the unemployment rate.
- But while last months spike was relatively broad based, the pull back in November was much more mixed across industries – concentrated in retail, manufacturing and service industries.
- We are yet to see any clear beneficiaries of the AUD depreciation.
NAB changes call on Australian interest rates, sees two cuts of 25 bps in March and August 2015
- After cuts, expects RBA to hold cash rate at 2% until late 2016
- Lowers GDP growth forecast for 2014-15 to 2.5% vs. 2.9% previously
- Sees unemployment rate peaking at around 6.75%
- Softer resource commodity prices in October to persist; subtracting A$20b from export earnings in 2014-15