National Australia Bank Business Survey for July 2025
Business confidence rises to 7, a three-year high
strength in services and constructionprior 5
Business conditions fall to 7
Some of the sub measures:
business sales 11 in July, from 8 priorprofitability 2, prior 4employment 1, from 4 priorquarterly growth in retail
prices 1.1% in July, from 0.5% in Juneproducer prices rose 0.9%
NAB comment on their report, in brief:
“Overall, the survey points to an improvement in activity
through Q2 and suggests that the worries globally have not
materially influenced local hiring and investment decisions””Generally, the services sectors, both consumer facing and
for businesses, are stronger while retail and wholesale remain
weaker.”
“The survey is consistent with improving economic growth,
although still highlights the challenges around cost pressures
faced by many businesses”
Price indicators in the survey pointed to pockets of ongoing
inflationary pressures. Notably, quarterly growth in retail
prices accelerated to 1.1% in July, from 0.5% in June, while
producer prices rose at a 0.9% pace.
“The survey is consistent with improving economic growth,
although still highlights the challenges around cost pressures
faced by many businesses,” said Auld.
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Still ahead, I’m expecting a ‘hawkish cut’ from the Reserve Bank of Australia today: