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Financial News: Australia NAB Business Confidence Falls In Q2

Australia NAB Business Confidence Falls In Q2

07/21/2022 - 05:52:00 (RTTNews)

(RTTNews) - Australia's business confidence eased in the second quarter amid surging inflation, looming interest hikes and the waning of some of the pandemic-recovery optimism, while business conditions strengthened, survey results from NAB showed on Thursday.

The business confidence index dropped to 5.0 from 15.0 in the previous quarter.

Among sectors, confidence indices in the mining and wholesale segments were both in negative territory, while sentiment in construction and retail areas remained at zero.

At the same time, the business conditions index improved by 9 points from the March quarter to 20 in the June quarter.

Conditions are strong across most sectors, including recreation and personal services, and across states, the survey said.

There was an improvement across all three subcomponents of business conditions, with trading, profitability, and employment all increasing in the second quarter.

Forward indicators remained strong with capacity utilization at 85.2 percent and expectations for employment and capex over the next 12 months stayed high in the second quarter.

On the price front, purchase cost growth reached a new high of 2.0 percent, linked to material shortages and fuel costs. Final product price growth edged higher as a result, up to 1.1 percent, with retail price growth at a record 1.7 percent.

"Businesses have high expectations for employment over the coming year, indicating that labour demand remains very strong, and capex expectation also remain elevated which suggests business investment should continue to pick up over the coming year," NAB Group Chief Economist Alan Oster said.

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