National Australia Bank business survey
Business confidence +5, up for a third straight month
- prior +2
Business conditions +9, highest level since March 2024, a very sharp rebound, helped by rising sales and profitability
- prior 0
- long average is around +6
- sales to +15 (up 10 points from May)
- profitability to +4 (up 9 points)
- employment +3 (up 2)
- manufacturing and retail had large falls an May but saw the biggest gains in this June survey
NAB:
- "While we wouldn't overplay monthly moves, the uptick in trend conditions is welcome given the softening trend through early 2025"
- "An improvement in confidence is also welcome, given the raft of negative headlines globally over recent months"
AUD not a lot changed:
Still to come:
The Reserve Bank of Australia is widely expected to cut its cash rate by 25bp topday:
Its not a unanimous expectation:
FWIW I'm expecting the 25bp rate cut.
The Statement is due at 2.30pm Sydney time:
- 0430 GMT/0030 US Eastern time
