National Australia Bank Business Survey for December 2022
Australian businesses confidence is still in the doldrums at -1, its second month in a row below zero
- prior -4
Australian businesses conditions down for a third straight month in December, to 12 (12 is above the longer run average of 5)
- November was 20
AUD/USD is little changed on the release.
Some of the sub-indexes:
- sales down 9 points, still healthy at +18
- capacity utilisation dropped from record high levels to 83.7%
- profitability down 7 to +1
- employment down 5 points to +8
Inflation indications in the survey fell across the board. Labour costs notably dropped. NAB remarks:
- output price and input cost growth measures eased in the month but remain elevated
- labour cost growth slowed to 2.0% in quarterly terms
- final products price growth slowed to 1.5%
- retail prices slowed to 2.3%.
National Australia Bank comments:
- "Overall, the survey continues to point to a healthy level of activity with above average conditions and elevated capacity utilisation but a slowing in momentum with most indicators pulling back over the past three months or so,"
- "With confidence still in negative territory and well below average, and forward orders moderating further in the month, there are signs that conditions may ease further."
China's reopening should begin to show economic benefits in Australia soon.