Australian Economy Australian interest rates

NAB business survey screams coming rate cuts

David Llewellyn-Smith

Wednesday 24 January 2024

The NAB survey for December was out yesterday and was very weak.

Key measures plunged over Q4:

Conditions are normalising, and confidence weak:

Leading indicators are worse again:

The weakness is broad-based:

As the output gas widens:

I can see the RBA cutting before FNY on this data flow.

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.