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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
After two months in positive territory, NAB business confidence fell to -4 in February from +6, driven by services and finance & property. The series has been volatile since June 2022. Business conditions were stable at a robust 17 after 18 in January with the strength broad based. While confidence was soft, the other components of the survey remained robust pointing to a further RBA hike in April if considered in isolation.
- Conditions in consumer-related sectors remained strong around +20, in contrast to depressed Westpac consumer confidence, while the business ones were around +10. Trading remained robust at 27, profitability eased to 14 from 18 and employment rose to 12 from 11, indicating labour demand remains strong.
- In terms of the forward-looking components, forward orders were down to 3 from 6 driven by wholesale but capacity utilisation remained high above 85%.
- Cost indicators in the survey remained elevated in February with labour costs rising for the second consecutive month to 2.8%, the highest since November 2022. However, prices were subdued with prices of final products stable at 1.6% and retail prices down to 1.9% from 2.5%, indicating that it is becoming harder to pass costs onto customers.
- Cost pressures in services remained elevated and showed less moderation than in retail. Labour costs have eased from their peaks in both sectors.
Australia NAB business conditions vs confidence
Source: MNI - Market News/Refinitiv/NAB
Australia NAB employment vs labour costs
Source: MNI - Market News/Refinitiv/NAB
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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