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The August NAB Business Survey, which is based on responses from 24 to 31 August, was released on Tuesday, with conditions turning negative and falling to their lowest level since the pandemic as profitability collapses. Business confidence also fell in response and remains deeply negative.
Chart from Westpac Economics
Falling profitability was the primary driver of the deterioration in conditions. The sub-index fell by 10 points to –9, its lowest level since the pandemic, the sharpest decline since January 2022, and 14 points below its long-run average:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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