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Financial News: Australia's Business Conditions Hit Record High: NAB

Australia's Business Conditions Hit Record High: NAB

05/07/2018 - 01:02:00 (RTTNews)

(RTTNews) - Australia's business conditions reached its equal highest level since the survey started in 1997, data from National Australia Bank showed Monday.

The business conditions index climbed 6 points to 21 in April. At the same time, the business confidence index rose to 10 from 8 a month ago.

"The record high in the business conditions index in the April Survey simply reinforces what has been evident since the middle of last year, that business activity in Australia is robust," Alan Oster, NAB group chief economist, said.

The survey revealed that conditions increased in all industries except for manufacturing and retail and, in trend terms, were strongest in mining.

By component, trading conditions, profitability and employment conditions all registered strong gains in April and they remained well above their historical average.

According to Oster, the survey continues to point to subdued inflation and wages growth.

The strength in business conditions and leading indicators suggest economic growth will strengthen and that over-time there would be strong jobs growth and fall in the unemployment rate.

"Our current call is for the first move by the RBA to be late this year, but as hard evidence of a firming in wages growth is yet to appear in the data, and unemployment for the moment stuck at around 5.5 percent, the risk is that any action by the RBA will be delayed into 2019" Oster said.

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