Australian Business Confidence 0 (prior 5) & Conditions 22 (prior 25) | Forexlive

National Australia Bank October Business Survey

• Business confidence dropped to zero from 5 in September.
• Business conditions down to 22 from 25 (note that September has been revised lower, to 23)

The confidence measure is a sentiment-based one, conditions is a little more objective.

Sub measures show:

• sales down 6 points in the month to a still-strong +31 reading
• profitability +1 to +22
• employment down 3 to +14
• capacity utilisation 85.8%, just below a record high

NAB remarks on the report:

• Consumers continue to spend despite headwinds from inflation and interest rates, and that run of strength looks to have carried on into October
• Overall, the survey suggests that firms are growing wary of the potential for a slower period ahead, despite ongoing strong demand.
• Strong price growth in October reinforces our expectation that inflation will continue to rise strongly through Q4
• Retail price growth was higher again in October, signalling that goods-side inflation remains a key challenge.