Cost pressures ease
NAB's monthly Business Survey showed a pullback in business confidence from a reading of 8 in July to 4 in August, but business conditions actually lifted a little.
The trend for business conditions was strongest by far in Queensland, the booming state.
Source: NAB
The good news was that cost pressures in the economy declined across all measures over the month - for labour costs, for purchase costs, and for retail prices.
Source: NAB
Separately, Westpac released its consumer sentiment survey which pulled back by -3.1 per cent over the month, but remained well up on a year earlier.
The measure for consumer house price expectations lifted to its highest index reading since 2010 as Labor announced that it would bring forward the 5 per cent deposit scheme for first homebuyers.
Source: Westpac
In the survey, house price expectations were strongest in South Australia and Queensland, and were weakest in Victoria.
In other news, ANZ announced that it would be cutting 4,500 roles over the coming year in a massive job-cutting plan to reduce costs by around $700 million.
A week ago ANZ reportedly threatened staff with pay cuts as it demanded that workers returned to office, in the latest move to push staff away from working at home.
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In mortgage market news, more fixed rates are becoming available from under 5 per cent (this time, from Bankwest):
A mortgage war is gently heating up...
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