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."
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