Australia NAB: Conditions Stable,Confidence Down to 2013 Level

Comments from NAB:

• Up to a 40% chance the Reserve Bank of Australia cash rate goes below 2%
• The capex subindex points to moderate expansion in non mining
• "Confidence also fell across all industries except manufacturing and wholesale, suggesting common factors such as political and broader economic uncertainty may be at play ... perhaps the rate cut acted as a stark reminder of the significant headwinds facing the economy"
• "We still see another rate cut in coming months ... most likely May but the April meeting is live and data-dependent"