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Quarterly NAB Survey Points To Significant Capacity Constraints

AUSTRALIA DATA

The Quarterly NAB business survey confirmed that conditions remained strong in Q3 at+22 (Q2 +5), consistent with the monthly surveys, as reported by The Australian.

  • The data point to another robust GDP figure in Q3 and a further pickup in inflation, as widely expected.
  • The survey showed very high capacity pressures with capacity utilisation reaching a record high of 86.3% and 90% of those surveyed reporting that the lack of available labour had held back their activity.
  • Expected annual wage growth rose slightly in Q3 to 2.1% from 2% previously.
  • "Trading conditions and employment edged higher while profitability edged lower but all remain at high levels," NAB Chief Economist Oster said (The Australian).

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