National Australia Bank Business Survey for Q1 of 2019.

This survey does not attract the same degree of market focus as the monthly NAB survey results.

Business conditions, which average trading conditions/sales, profitability and employment:

  • came in at +4
  • from 9 previously
  • the longer run average is +2

Business confidence

  • Came in at -1
  • from 1 prior
  • a below average result

In brief summary via NAB:

  • Conditions continued downward trend since peaking in early 2018
  • suggesting the loss of momentum in the business sector has continued into early 2019
  • Confidence and forward orders turned negative in the quarter suggesting the outlook for conditions remains weak
  • The falls in trading and profits in Q1 were significant
  • medium term expectations for conditions (3 and 12 months) and capital expenditure eased further
  • labour market indicators … much more moderate and, in level terms, remain above average
  • firms reported that the difficulty in obtaining suitable labour edged lower - albeit remain at elevated levels
  • a wage bill measure edged lower, suggesting wage pressure remains weak
  • slowing in activity, the survey suggests that price pressures continue to track at a relatively subdued pace