Overall trading conditions remained elevated well above long-run averages, according to the NAB monthly business survey, suggesting the economy is gliding towards a soft landing this year.
Business conditions eased for the third consecutive month in December but a sharp fall in input costs and prices stoked expectations Australia’s inflation peak passed late last year.
“The falls were significant and occurred in every sector. That said, conditions are still significantly above long-run averages.“The main message from the December monthly survey is that the growth momentum has slowed significantly in late 2022 while price and purchaseHeadline inflation results for the December quarter out on Wednesday are expected to show annual price growth peaking at 7.
Labour costs growth slowed to 2 per cent, well below the 4.6 per cent peak reached in mid-2022 but still above the long-run average of 0.4 per cent. Similarly, input costs growth slowed to 2.5 per cent, down from a peak of 5.6 per cent in July, and output costs fell 0.5 percentage points to 1.5 per cent.include a strong rebound in migration in 2022, which is expected to continue in 2023.
Conducted between January 4 and 9, just after a period IFM Investors chief economist Alex Joiner called “peak pessimism”, the NAB survey underlined a growing gap between experience and expectations.
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