The flash readings for the November ANZ business survey

Activity outlook is 15.6%

  • prior 21.1%

Business confidence is -18.1%

  • prior -13.4%

ANZ remarks (in brief) on the prelim results ... bolding mine:

Nearly all forward-looking activity indicators ease

  • Investment intentions fell 2 points
  • employment intentions rose 5 points

Expected profitability fell 3 points with a net 9% of firms expecting lower profits ahead

  • That is likely related to extreme cost pressures, with a net 89% of firms reporting higher costs, up 2, while only a net 65% are intending to raise their prices (which, while a lot smaller than the proportion of firms experiencing higher costs, is historically exceptionally high).

The one certainty is that costs are through the roof.