Survey strengthen again
NAB's widely regarded Business Survey produced an even stronger result in April.
Business conditions rose 2 points to +14, way above the long run average of +5 and the highest level since 2008.
Business confidence also soared +7 points to +13.
The employment index has lagged somewhat, but also rose to +8.
Tonight the Federal Budget 2017-18 will be released.
The Budget papers have already been sent to the printers, so alas won't capture the ongoing crash in the price of Australia's most valuable commodity!
The market expects to see the Budget deficit improving from about $37 billion to $28 billion or 1.5 per cent of GDP, with nominal GDP growth for the next financial year upgraded a notch confirming the good old "return to surplus" by 2020-21.
Expect to see a couple of interesting affordable housing measures announced, but the big ticket items will likely be related to spending on major infrastructure projects.