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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
NAB business confidence for September held steady at 1 where it has now been for three months suggesting the outlook hasn’t deteriorated further. Conditions eased to 11 from 14, below the 2023 average, but prior to August they had been around this level suggesting that the economy has slowed but remains resilient. The survey is consistent with the RBA’s “narrow path” and doesn’t suggest that more tightening is needed at this stage.
- All three components of business conditions eased in September with profitability seeing the largest drop to 8.3 from 13.6. Trading, employment and profitability are all still above their series averages. Demand for labour is off its July 2022 peak but remains solid at 8.3.
Australia NAB employment vs employment y/y%
Source: MNI - Market News/Refinitiv/ABS
- Forward orders rose to their highest since March, which is positive for the outlook. Inventories fell to their lowest since October 2021, which may weigh on Q3 GDP but given the low level, restocking may drive orders going forward.
- Exports also picked up and were stronger in Q3 than Q2 despite significant global growth uncertainties.
Australia NAB business conditions vs forward orders
Source: MNI - Market News/Refinitiv
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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