The NAB business survey is out and the boom is over bar the shouting:
Business conditions have eased back from the high levels seen earlier in the year but remain well above average. Forward orders (the most reliable indicator of domestic demand) remain a touch above average but significantly below levels reported in H1 2018. Confidence has also deteriorated through 2018, hovering at or below average in recent months. Retail continued to report weak outcomes in the month and recreational & personal services have eased since around mid-2018. The eastern states currently report the best conditions but have a less positive outlook than SA and WA. Overall, the survey suggests price pressures remain weak across both inputs and outputs, which is in line with official data pointing to prices (and wages) continuing to grow at relatively weak rates.
Confidence and conditions are going only one way:
