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Aussie business confidence at nine-month high: survey

Xinhua,February 13, 2018 Adjust font size:

SYDNEY, Feb. 13 (Xinhua) -- Australian business confidence has hit a nine-month high, reflecting improved global economic conditions, according to a major industry survey.

"Business confidence again improved, although this pre-dates recent market turbulence. Signs remain positive for investment and continued solid jobs growth," the National Australia Bank said in a statement about its January business survey findings released on Tuesday.

"Strong trend business conditions provide further confirmation of robust business activity in Australia. Strength was broad-based across industries outside of retail, although there has been some slippage in household services."

The bank's monthly survey, which considers leading indicators such as sales, profitability and employment, showed its business confidence index improving by two points, the highest since April 2017, and its business conditions index jumping six points.

Business conditions were strong across the major industry groups except for retail, with the construction industry performing particularly well.

"The improvement in construction conditions over the last 12 months is due to improved trading conditions, profitability and employment, and probably reflects the still elevated residential construction pipeline, infrastructure construction and the gains in non-residential building approvals last year. The lift in employment is particularly significant given the rising share of employment found within the construction industry," said the bank's chief economist Alan Oster.

But a fall in conditions for the recreational and personal services sectors to their lowest level in three years "bears close watching and, together with the ongoing weakness in retail conditions, points to continued softness in consumer activity."

"The survey results for January are broadly in line with our view of the Australian economy. We are hopeful that Australia will see stronger economic growth in coming quarters, due to the strength in the labor market, business activity and infrastructure spending," he said. Enditem

 

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