Australia NAB quarterly business confidence rose to 17 in Q1, up from 15. Business conditions rose from 11 to 17. Business condition for next 3 months rose form 19 to 26. Business conditions for next 12 months rose form 24 to 31. Next 12-month capex plans rose from 31 to 34, highest level since mid 1990s.
Alan Oster, NAB Group Chief Economist: “The survey suggests that the economic recovery built further momentum in Q1. What is particularly welcome is that the improvement is broad-based with conditions and confidence improving in most industries and are at an above-average level in all. Moreover, the lift in trading conditions and profitability over the last two quarters is now being translated into the Survey’s employment indicator”.
