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Australian Business Trust from November 12 (before 21) and Terms 12 (before 11)


Measuring “conditions” is more objective than measuring confidence based on sentiment. In this sense, this survey shows an improvement. The drop in confidence comes after surging 11 more points in the previous October survey.

The backdrop to the November investigation is a loosening of COVID-19 restrictions during the month as vax rates have climbed.

Business conditions:

  • +5 for the employment sub-index, to +11
  • sales index + 1 point to +16
  • profitability is stable at +8
  • increase in capacity utilization rate to 83.2%
  • futures index +14
  • higher retail and producer prices
  • labor costs were higher

NAB Notes:

  • “Overall, these results indicate that a strong recovery is underway”
  • “Things can get even better in the coming months, particularly in recreation and personal services which was still in negative territory in November despite many restrictions eased during the month.”
  • “Despite the possibility of further disruption related to the Omicron variant, the economy is well positioned to continue this momentum over the coming months and into 2022.”


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