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Australia’s business landscape showed signs of cooling in November as key indicators of economic activity softened after several strong months. According to the latest National Australia Bank (NAB) business survey, overall business conditions slipped by 3 points to +7, retreating from their highest level since March 2024. Business confidence also weakened, dropping 5 points to +1, suggesting that sentiment may be wavering amid ongoing economic uncertainty.
The decline in conditions was driven mainly by softer sales and profitability. The survey reported a 6-point fall in business sales to +12 and a 5-point decline in profitability to +4. Despite the softer activity, employment conditions edged higher, rising 1 point to +4, hinting that businesses are still maintaining staffing levels even as demand moderates.
One of the standout findings of the report was the continued strain on capacity. Capacity utilisation climbed to 83.6%, its highest level in 18 months, underscoring the limited room companies have to expand output without adding costs. This aligns with recent inflation indicators, which remain elevated and could influence monetary policy decisions.
The Reserve Bank of Australia is expected to hold interest rates steady at 3.60% during its final meeting of the year, although it is likely to maintain a cautious tone regarding future rate cuts. Analysts note that persistent capacity pressures could quickly translate into renewed price increases if economic growth accelerates.
NAB Chief Economist Sally Auld highlighted this concern, stating that tight capacity means any further upswing in growth could intensify inflationary pressures. Supporting this outlook, survey data showed higher price indicators, with purchase costs rising at a quarterly rate of 1.3% and retail prices increasing by 0.8%.
Overall, the November survey suggests that while demand may be cooling slightly, underlying inflation risks remain firmly in place due to capacity constraints and rising input costs.
