Australia NAB Business Confidence dropped to -1 in Q1, down from 1. Current Business Conditions dropped to 4, down from 9. Business Conditions for the next two months dropped slightly to 22, down from 25. Capex plans dropped to 22, down from 25.

Alan Oster, NAB Group Chief Economist noted that easing of business conditions continued through 2018 into 2019. And they’re only “just above average”. Together with “negative conditions and forwards orders”, they suggest outlook “remains weak”. And the easing in conditions has been “broad based across most industries and all states”, in particular retail.

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Oster also said: “For now, we will wait and see how leading indicators of the labour market evolve, though we think it is likely the RBA will act to cut the cash rate and bolster the economy should the labour market deteriorate on the back of weaker activity data”.

Full release here.

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