Australia NAB Business Confidence rose to -10 in Q3, up from Q2’s -15. Business Conditions improved markedly. Current situation rose from -26 to -4. Conditions for next 3 months rose from -22. to -3. Conditions for next 12 months turned positive from -8 to 13.
Looking at some more details, Employment rose from -29 to -14. Employment for next three months rose from -14. to -2. Employment for next 12 months turned positive, from -12. to 5. Trading turned positive from -25 to 2. Profitability rose from -25. to -1.
Alan Oster, NAB Group Chief Economist: “The Q3 survey conducted from mid-August to mid-September shows that conditions had improved notably from Q2 reflecting the opening up of the economy and generally better expectations about the virus. That said, despite the strong gains, both conditions and confidence remain very weak”.
“As the economy opens up and the recovery unfolds business confidence will be an important factor in determining how quickly things can get back to normal. While uncertainty will likely remain elevated at the global level, opening up state borders and at least reaching a COVID-normal domestically will be important for further gains in confidence” said Oster.
