Mining leads NAB survey of business confidence

A National Bank of Australia (NAB) business survey has revealed that mining shows the strongest outcomes and confidence among the industries surveyed.

In trend terms, the report stated that confidence was highest in mining with other industries around the average of national conditions, while retail and wholesale were below the average.

The eight industry categories surveyed in the monthly report include mining, manufacturing, construction, retail trade, wholesale trade, transport/utilities, finance/property/business services, and recreation/personal services.

The business conditions index across all industries was up one point to +15 points in September while business confidence also gained one point to +6.

It represents a comeback from a decline that followed record results posted by NAB in April (+21 index points).

“Business conditions appear to have stabilised after declining through the middle of 2018,” said Alan Oster, NAB Group chief economist.

“Despite having eased notably from the highs earlier in the year, they remain well above average, suggesting that the business environment continues to be favourable.”

The findings are in line with the mining sector’s continued recovery. In September, SEEK published a job report showing the 13th consecutive month of growth for the Australian mining sector (up 29 per cent over 12 months), despite weak overall growth among all surveyed industries.

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