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Despite significant volatility in global markets, Australia’s business environment remains “robust”, with businesses positive about the outlook continuing to improve over the next quarter, according to NAB.
The major bank’s Quarterly Business Survey for the first quarter of 2016 revealed that both business conditions and confidence eased modestly, to +9 and +5 index points respectively.
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However, the report indicated that the outcomes remain solid, particularly in the context of increased volatility in global markets.
NAB Group chief economist Alan Oster noted that businesses have revised up their expectations relative to last quarter.
Such optimism, the report said, suggests “good things” for the labour market and future investment.
However, the report also noted that the risks related to the property market, specifically the high level of apartment supply entering the market, are increasing.
“We are certainly starting to see this in the business survey, with residential construction firms recording a notable decline in confidence recently,” Mr Oster said.
[Related: Consumer sentiment suffers surprise decline]
