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.
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.