Some focus on the NAB biz survey for......>

AUSTRALIA: Some focus on the NAB biz survey for Q1, with headline business

conditions printing at -1, the lowest level seen since '12. NAB note "both biz.

conditions & confidence declined in Q1. Conditions continued its downward trend

since peaking in early '18 & is now only just above avg., suggesting the loss of

momentum in the biz sector has continued into early '19. Confidence & forward

orders turned -ve in the quarter suggesting the outlook for conditions remains

weak. The falls in trading & profits in Q1 were significant. Also medium term

exp. for conditions (3 & 12 months) & capex eased further. While the slowing in

activity indicators continues unabated, attention has turned to the labour mkt

(& the differences between activity & labour mkt indicators). In the Survey the

decline in employment in Q1 (& exp. for Q2) were much more moderate and, in

level terms, remain above avg. Interestingly, firms reported that the difficulty

in obtaining suitable labour edged lower - albeit it remains at elevated levels.

Labour costs growth - a wage bill measure - edged lower also suggesting that

wage pressure remains weak. Alongside the slowing in activity, the survey

suggests that price pressures continue to track at a relatively subdued pace."