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.