The NAB business survey just went vertical:
• How confident are businesses? The business confidence index fell 2pts to +9 index points. The decline may reflect turbulence in international financial markets in early February, but confidence remains above its historical average of 6 index points suggesting that the impact has been relatively limited so far.
• How did business conditions fare? The business conditions index increased a further +3pts to a +21 index points. This is a record high since the monthly survey commenced in March 1997, although the equivalent measure in NAB’s quarterly survey reached the same level in 1994. On a trend basis, conditions are at the highest level since late 2007, just before the GFC.
