Australia NAB Business Confidence dropped to -66 in March, down from -2. That’s record low, even worse than the reading during 2008 global financial crisis and early 90s recession. Business Conditions dropped to -21, down from 0. While condition index was slightly worse than the reading at financial crisis, it sit well above the trough during 90s recessions.
NAB chief economist Alan Oster said “We expect a recession of unprecedented speed and magnitude for the Australian economy over the next three quarters. “This will see a sharp increase in unemployment.”
“Policy makers have made a huge response that we think will be unable to offset the negative prints we will see in economic data in the near term but we are optimistic these actions will support a solid recovery once the virus is contained,” Oster added.
