This is not the monthly survey from NAB but a quarterly one.

The monthly is of more focus.

Business confidence comes in at -1

  • (prior -1, revised from -2)

Not really high five material but the improvement and the revision to the previous at least some consolation.

NAB's highlights for the quarter (in summary):

  • Business conditions (an average of trading conditions/sales, profitability and employment) rose 2pts to +4 index points
  • Business confidence was unchanged at -1 index points in Q4
  • Leading indicators softened somewhat in the quarter, with expected business conditions declining at the 3 and 12-month horizons. Expected capex in 12 months was flat, while capacity utilisation declined
  • Labour indicators were mixed - employment index was unchanged and remains above average. However, expectations at the 3-month horizon declined, while expectations a year out also edged lower
  • Survey measures of inflation pressures remain modest