NAB business survey sees raging jobs

The NAB survey is out:

It is probably too early to read much into the drop in confidence this month. While external shocks, such as the escalating tensions with North Korea, may have had some impact, we have actually asked for the first time in the Survey what firms see as being the most influential factors impacting confidence. For those indicating deterioration in confidence, the biggest concerns appear to be customer demand, government policy, as well as cost pressures – both energy and wages

Pretty mixed bag. That’s a huge jump in employment intentions, though, and labour costs. Offset by a big fall in confidence.

We know that the survey under-represents mining so some of this strength is overestimated. Still, if we get jobs growth like that then there will be wages pressures.

There remains a big question about how durable it is given the Botox Boom hand-over from dwelling construction to infrastructure is overlapping for a time.

Jury out on this one.


  1. Where are all these jobs pouring from? Are 40,000 working on a building a bridge ? Another 40,000 working on a tunnel?

    • If one man digs a post hole in 60 minutes, then, by extrapolation – 60 men can dig the same one post hole in 1 minute, no?

  2. @Ino – Now you are on the right track and in line with the ABS. If one full time job can be done by 60 people, it can be shown as 60 full time jobs. Certainly they can’t all work on the hole at the same time, but hey when they are not working they are buying coffee with smashed avo, talking to their mortgage broker about that 4th investment property and shopping online.