NAB business survey enters futureboom

The NAB business survey for April is out and shows we’ve entered futureboom with business conditions hitting 14 and confidence 13:

Amusingly, the survey is now saying that we’re at the equivalent of the mining boom around 2006. The employment index rose again even though there aren’t many jobs:

Everybody with a salary knows that’s rubbish. Still, with mining at near record profits and business tax cuts coming it makes some sense.

Consumer confidence is closer to the fundamental mark, from Shame Oliver:

I don’t doubt that the east coast housing bubble has things chugging along and the mining profits surge is delightful but both are peaking.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.