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AUSTRALIA DATA: NAB Business Surveys, Business Conditions Improve

AUSTRALIA DATA
APACAustraliaData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Australian business conditions improved in December, rising 3pt to +6, driven by a recovery in retail as consumer spending strengthened and price pressures eased. Retail conditions turned positive for the first time since November 2023, while business confidence edged up 1pt to -2. Services sectors remained the strongest performers, and capacity utilization rose to 82.8%, above its long-term average, indicating robust demand.
  • The report highlights softer wage pressures, with labor cost growth at 1.4%, ahead of key quarterly inflation data that may prompt the RBA to consider rate cuts.
  • Focus will now turn to tomorrow's 4Q CPI, which is expected to show a drop to 2.5% from 2.8% y/y prior. RBA-date OIS is pricing in a 80% chance of a 25bps cut at the Feb meeting, firming 2bps this morning.
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  • Australian business conditions improved in December, rising 3pt to +6, driven by a recovery in retail as consumer spending strengthened and price pressures eased. Retail conditions turned positive for the first time since November 2023, while business confidence edged up 1pt to -2. Services sectors remained the strongest performers, and capacity utilization rose to 82.8%, above its long-term average, indicating robust demand.
  • The report highlights softer wage pressures, with labor cost growth at 1.4%, ahead of key quarterly inflation data that may prompt the RBA to consider rate cuts.
  • Focus will now turn to tomorrow's 4Q CPI, which is expected to show a drop to 2.5% from 2.8% y/y prior. RBA-date OIS is pricing in a 80% chance of a 25bps cut at the Feb meeting, firming 2bps this morning.