Financial News: Australia Business Conditions Ease; Confidence Improves In

Australia Business Conditions Ease; Confidence Improves In April

05/08/2023 - 00:45:00 (RTTNews)

(RTTNews) - Australia's business conditions continued to ease in April but remained elevated reflecting the resilience of demand and a robust labor market, survey results from the National Australia Bank showed Monday. Meanwhile, confidence improved slightly from March led by the increase in wholesale trade.

The business conditions index fell to 14 in April from 16 in March. Nonetheless, the index remained at above-average level.

There were notable increases in transport and utilities and wholesale but these were more than offset by a 10 point fall in recreation and personal services, the survey showed.

The business confidence indicator rose slightly to zero from -1.0 in March. The improvement was led by wholesale trade, alongside small increases in finance, business and property, retail and construction.

The survey showed that leading indicators softened in April and price and cost growth showed mixed trend.

The indicators signal further easing in inflation in the early part of the second quarter after the most recent CPI release showed some easing in the first quarter, NAB Chief Economist Alan Oster said.

"Overall, the survey shows the economy remains resilient," said Oster. "We continue to expect consumption growth to slow as the effect of higher rates further impacts households, but how quickly and how sharply this occurs remains uncertain," Oster added.

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