Australia’s NAB Business Confidence fell from 1 to -4 in August. Business Conditions also declined, dropping from 6 to 3. Trading conditions dipped by 2 points, while profitability slid by 1 point. Forward orders remained unchanged at -4.
NAB Chief Economist Alan Oster commented on the data, noting that “conditions are now fairly clearly below average compared to the history of the survey,” underscoring the broader weakness in the private sector as the economy slows.
The decline in the employment gauge is particularly notable, as it “suggests the period of very strong private sector labor demand seen throughout the post-Covid period may be coming to an end,” Oster added.
