Australian business confidence 7 (prior 1)


Eamonn Sheridan

National Australia Bank survey of business for July 2022.

Business conditions 20

Business confidence 7

Both measures significantly improved from June. The ‘conditions’ measure is more objective than the sentiment-based ‘confidence’.

NAB remarks:

On inflationary pressures, check out the costs and prices rows below in the pic:

  • purchase costs climbed to a record high of 5.4%
  • labour costs, retail prices also notably higher

Helping to drive inflationary pressure is that higher capacity utilization also.

Wages up, prices up, capacity tight … the implications for the RBA are for higher rates. Next meeting is September 6, +50bp looks to be a lock, again.

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