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Wednesday, 9 August 2017

Biz confidence follows conditions higher

NAB survey surges again

The NAB Business Survey is arguably the best leading indicator we have on the Australian economy.

Last month NAB's business conditions rose as high as +14.

Proving it was no fluke, in July conditions rose all the way up +15, the highest level in a decade, and triple the long run average of +5. 

Source: NAB 

And now business confidence has increased to +12 as well, the highest level since 2010, and strong across all industries...even mining and retail. 

New South Wales (+16) sits top of the tree for trend business conditions, but now Queensland (+15) and South Australia (+15) aren't too far behind. 

The one weak point in the survey is Western Australia, where conditions are adjudged to be flat.

A blazing result, and strong indicators for hiring across the second half of 2017.