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The latest Australian NAB business........>

AUSTRALIA
AUSTRALIA: The latest Australian NAB business confidence survey revealed that
the headline business confidence index ticked higher to 4 from 2, while business
conditions index fell to 2 from the upgraded prior reading of 4.
- Re: jobs growth NAB said that "based on historical relationships, the survey
suggests that employment will grow around 15k per month over the next 6 months,
which is unlikely to see a material improvement in the unemployment rate going
forward." It is also worth noting that the employment sub-index fell to 0 from
5, driving the decline in business conditions.
- These pessimistic signals come ahead of the Australian labour market report,
due to be released on Thursday. Admittedly, in today's speech RBA Asst Gov Kent
described central bank members as "inflation targeters" rather than
"unemployment targeters," but the RBA's focus on domestic labour market
developments remains a widely acknowledged fact. Per the most recent SoMP, the
RBA continues "to monitor developments in the labour market closely."

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