While there is no survey of expectations for this report, the October data was improved. The National Australia Bank (NAB) business survey revealed a notable increase in business confidence, reaching its highest level since early 2023.
The business confidence index rose by 7 points to +5, while business conditions remained steady at +7 index points.
The survey highlighted
a slight uptick in trading conditions, which increased by 1 point to +13 stable profitability at +5 index pointsemployment intentions saw a minor decline, dropping 2 points to +3
Encouragingly, input cost pressures showed signs of easing
labour cost growth decreased to 1.4% in quarterly equivalent terms, down from 1.9% in Septemberpurchase cost growth fell to 0.9% from 1.3%product price growth also edged down to 0.5% from 0.6%
Gareth Spence, NAB’s Head of Australian Economics, noted in the report that the spike in confidence, following a period of below-average readings, is an encouraging sign, especially alongside a tentative improvement in forward orders.
The Reserve Bank of Australia decision will follow later today:
Reserve Bank of Australia meeting on Tuesday, December 10, 2024 – Statement/Bullock focusReserve Bank of Australia monetary policy Statement due today – what to watch
This article was written by Eamonn Sheridan at www.forexlive.com.
