National Australia Bank survey of business for July 2022.

Business conditions 20

  • prior 13

Business confidence 7

  • prior 1


Both measures significantly improved from June. The 'conditions' measure is more objective than the sentiment-based 'confidence'.

NAB remarks:


On inflationary pressures, check out the costs and prices rows below in the pic:

  • purchase costs climbed to a record high of 5.4%
  • labour costs, retail prices also notably higher

Helping to drive inflationary pressure is that higher capacity utilization also.

Wages up, prices up, capacity tight ... the implications for the RBA are for higher rates. Next meeting is September 6, +50bp looks to be a lock, again.

Australia business confidence 09 August 2022