NAB Quarterly Business Survey at Record Highs By

© Reuters.

By Oliver Gray – The released on Thursday showed that business conditions rose for the fourth consecutive period in Q2, posting a record high and highlighting Australia’s robust economic recovery from the COVID-19 induced pandemic. In addition, sub-indices of business conditions also lifted – profitability, trading and employment. In contrast, business confidence eased slightly (from +19 to +17) but held above its long-run averages, while inflation indicators are at their highest level in over a decade.

Forward orders and capacity utilization lifted, while expectations for employment, profits and trading conditions in 3 and 12 months also generally improved.

However, the survey was conducted over 18 May to 10 June, so responses only partly capture any impacts from the Victorian lockdown that effectively started on 28 May.

Alan Oster, NAB Group Chief Economist noted that “while the forward indicators point to strong outcomes through Q3 and beyond, current activity is likely to be disrupted until these lockdowns end.”

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