The business sentiment index published by the National Australian Bank (NAB) fell from 9 points tallied in January to 7 points in February. The indicator is still, however, well above the 0-point threshold, which indicates that Australian businesses are optimistic regarding economic conditions in the coming months. Business confidence remained positive in most industries, with a significant improvement registered in wholesale. However, the bellwether industries of transport and utilities registered sharp declines, which drove the indicator down. According to the NAB, the previous month's, “sharp turnaround in manufacturing recorded last month was largely unwound, and is now more consistent with the difficult environment that continues to face Australian manufacturers.” Regarding the job market, expectations of employment worsened as businesses expect “further labor market deterioration.” FocusEconomics Consensus Forecast panelists see fixed investment growing 1.2% in 2014, which is unchanged from last month's forecast. The panel sees investment expanding 1.6% in 2015.
Australia Business Confidence
Business confidence moderates in February
March 11, 2014
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Australia Business Confidence Chart
Note: Index of business sentiment; 0-point threshold indicates equal number of positive and negative responses.
Source: National Australia Bank
Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.