Australian November business confidence and conditions coming up at the bottom of the hour

While there is no survey of expectations for this report, the October data was improved. The National Australia Bank (NAB) business survey revealed a notable increase in business confidence, reaching its highest level since early 2023.

• The business confidence index rose by 7 points to +5, while business conditions remained steady at +7 index points.

The survey highlighted

• a slight uptick in trading conditions, which increased by 1 point to +13
• stable profitability at +5 index points
• employment intentions saw a minor decline, dropping 2 points to +3

Encouragingly, input cost pressures showed signs of easing

• labour cost growth decreased to 1.4% in quarterly equivalent terms, down from 1.9% in September
• purchase cost growth fell to 0.9% from 1.3%
• product price growth also edged down to 0.5% from 0.6%

Gareth Spence, NAB’s Head of Australian Economics, noted in the report that the spike in confidence, following a period of below-average readings, is an encouraging sign, especially alongside a tentative improvement in forward orders.

The Reserve Bank of Australia decision will follow later today:

• Reserve Bank of Australia meeting on Tuesday, December 10, 2024 – Statement/Bullock focus

• Reserve Bank of Australia monetary policy Statement due today – what to watch

This article was written by Eamonn Sheridan at www.forexlive.com.