The month of June saw NAB’s business confidence index drop a point lower while business conditions edged a point higher.
According to NAB’s Monthly Business Survey, there was “little change” in Australian business conditions and business confidence last month.
“The business confidence index edged down 1 point to +6 index points in June, continuing an around-average trend after easing back in recent months,” the survey report said.
“The business conditions index ticked up by 1 point to +15 index points after the pull-back in the previous month.
“Overall, conditions remain highly favourable with the index around 9 index points above the long-run average.”
According to the report, the factors influencing the result were rises in trading and profitability indices (3 and 5 points, respectively) at the same time as a 4-point drop in the employment index.
The mining and construction industries were the most confident, while recreation and personal services were the least confident sectors.
The mining industry has the highest business conditions, despite a sharp drop in the previous month, while the retail industry “continue[s] to lag”.
“Both business conditions and confidence in trend terms are highest in the mining industry — well above most other industries,” the report said.
“Commodity prices have risen, export demand continues to grow, while it is likely that cost pressures seen at the height of the boom have abated and productivity has risen as projects ramp up to capacity.”
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