National Australia Bank Business Survey for September 2023

  • business confidence unchanged at +1, its third month in a row at this level
  • business conditions +11, from +14 in August

Highlights of the report:

  • labour costs +2.0% in the past three months, from the previous reading of 3.2%
  • purchasing costs also +1.8% from to 2.9%
  • capacity utilisation remains high at 84.2%
  • forward orders +2 in September from a zero reading in August

NAB comments:

  • The September survey results suggest the momentum of some of the key cost pressures driving inflation may have started to step back in a welcome sign for the broader inflation outlook
  • The conditions index has been hovering around its current level of +11 index points since May, suggesting the economy has remained in reasonable shape through the middle of the year


Business conditions - these tend to a more objective measure than the sentiment measyr of confidence:

nab business conditons September 2023