NAB Survey turns a corner; RBA on hold

Biz survey ticks higher

The NAB Survey showed some tentative signs of improvement in business confidence and business conditions for the month of June 2025, arresting a multi-year downtrend.

Labour cost growth slowed a little, which there was a small pick up in purchase costs and final product prices.

The ongoing downtrend in retail prices is good news for the battle with inflation, though.

Source: NAB

Cautious RBA holds

In other news, the Reserve Bank of Australia surprised financial markets and most market economists by holding the cash rate target at 3.85 per cent today.

It had been assumed that since 50 basis points cut was considered last month the implication was for back-to-back cuts...but it did not prove to be so. 

RBA Governor Bullock said that today's decision was more about the timing than the direction of interest rates.

This this allows the Board to assess the June quarter inflation figures before making any further moves. 

After rate cuts in February and May, markets are still looking for a further cut in interest rates next month.

The Board voted 6-3 for today's decision to remain on hold. 

James Foster ran through the key details in his daily explainer here.

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