Australia: Slump in business conditions – TDS

Analysts at TD Securities note that there was a slump in NAB Dec business conditions from +11 to +2, while confidence remained unchanged at +3 for the Australian economy.

Key Quotes

“Sub-components were weaker across the board: trading +15 to +7; employment +9 to +4, investment +15 to +7. Labour costs and purchase costs steady. What we don't know is if this reflects thin holiday sentiment, or is the start of a worrying trend over 2019.”