NAB's latest Business survey notes that...>

AUSTRALIA: NAB's latest Business survey notes that "overall, the survey results

for June continue to suggest that the business sector has lost significant

momentum over the past year or so. Business confidence largely unwound the

bounce in May and while business conditions rose in the month, they remain below

average. The recent run of results also suggest that the economy is unlikely to

record a significant pickup in growth in Q2. Further, forward orders also remain

below average (and are negative), suggesting a near-term turn around in business

activity is unlikely. Capacity utilisation on the other hand saw a sharp rise in

the month, though this comes after a notable weakening earlier in the year.

Survey measures of inflationary pressure remain very weak, with output price

growth remaining low and the retail prices showing an outright decline in the

month. The weakening in momentum has been broad-based across the business sector

over the past year, with all industries having weakened. Retail also continues

to show ongoing malaise, with reported business conditions at a level last seen

in the GFC - while manufacturing has also shown steep declines."