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The National Australia Bank’s (NAB) monthly business survey shows business confidence is on the rise in July: up from +8.4 points to + 11.7 in the past month.
The NAB report is considered to be one of the best indicators of how Australian businesses and companies are actually doing.
NAB said businesses are reporting that operating conditions haven’t been better for close to a decade. While consumer confidence levels have shown a drop on last week’s five month high, the levels are still well above long-term averages.
Buoyed by a firming dollar and lowered petrol prices, NAB suggests Aussie consumers are also supporting confidence in spending.
Passionate small business expert David Koch suggested the report bodes well for Australian businesses.
The economy is solid, jobs growth is strong and bosses are positive and happy. That’s great news for the future.
”This survey is yet another indicator which debunks the negativity which seems to have been pervading politicians and consumers,” Koch said. “This glass-half-empty contagion has been completely out of step with reality. The economy is solid, jobs growth is strong and bosses are positive and happy. That’s great news for the future.”
NAB reported there had been some concerns about inflation after the June survey, but price and wage indicators have eased yet again in the July report.
The NAB business conditions index also rose from +14.0 points to +15.0 points in July, marking a nine year high.
”‘It’s now up to all of us as business owners to counter the whingers out there with survey results like this. It should be part of a Campaign For Optimism which points out how good Australia is doing. Optimistic customers spend and invest more which is good for profits.” Koch concluded.
Another great indication of business confidence is the proportion of firms reporting that they did not require credit lifted, which peaked at around 70 per cent in June to 75 per cent in July.
The monthly NAB business survey is valuable in providing a timely reading about the health of Corporate Australia. Key indicators of business conditions such as orders, employment, profitability and capacity use are covered together with a gauge on confidence levels to provide a clearer picture of Australian business.
This latest positive news for Aussie businesses follows on the footsteps of a recent DHL report which found Australian exports are on the rise thanks to a boost in e-commerce.
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