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Financial News: Australia NAB Business Confidence Deteriorates In June

Australia NAB Business Confidence Deteriorates In June

07/12/2022 - 01:51:00 (RTTNews)

(RTTNews) - Australia's business confidence deteriorated in June as global uncertainty, looming interest rate hikes and inflation continued to cloud the outlook, survey results from NAB showed on Tuesday.

The business confidence index fell to +1 from +6 in May. Confidence in the retail sector fell sharply by 20 points to well into negative territory, reflecting concerns about the outlook for household spending.

At the same time, the conditions index eased two points to +13 in June. All three components of conditions eased, with trading conditions down 3 points, profitability down 4 points and employment down 2 points.

Nonetheless, conditions remained strong across the states and across most industries, including retail.

"Overall, the survey suggests firms are increasingly wary of how the economy will hold up over the months ahead, despite continuing to experience fairly strong conditions at present," NAB Group Chief Economist Alan Oster said.

"Still, reasons for optimism remain - including elevated household savings and a strong labour market - which will weigh against concerns about the impact of inflation and interest rate rises on consumers," Oster added. "As such, the extent to which businesses' fears are justified remains to be seen."

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