Financial News: Australia's Business Conditions Remain Strong; Outlook Wor

Australia's Business Conditions Remain Strong; Outlook Worsens

03/14/2023 - 03:21:00 (RTTNews)

(RTTNews) - Australia's business conditions stayed positive in February despite easing slightly since January, while the outlook fell notably amid high inflation and rising interest rates, survey results from the National Australia Bank showed on Tuesday.

The NAB business conditions index dropped marginally to 17 in February from 18 in the previous month.

Nonetheless, business conditions remained strong. By components, trading conditions and employment were steady while profitability fell by 4 points.

At the same time, business confidence weakened notably from +6 in January to -4 in February. The fall was driven by wholesale, recreation, personal services, and finance, and business and property.

"Confidence has been volatile over recent months," Alan Oster, chief economist at NAB, said. "Confidence fell late in 2022 as concerns about the global economic outlook increased."

Although those concerns appeared to ease in January, the decline in February suggests the outlook remains clouded, the economist added.

Overall, the survey confirms the economy's resilience in the first months of 2023, despite high inflation and high interest rates, NAB said.

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