Australian business activity fell to its lowest since the pandemic in November as tough conditions hit manufacturing and retail. NAB’s survey showed declines in sales, profitability, and employment intentions, while confidence turned negative amid ongoing economic pressures.
Australian business activity slid to its lowest level since the pandemic in November, as confidence worsened amid tough trading conditions in the manufacturing and retail sectors.
The survey from National Australia Bank (NAB) showed its index of business conditions dropped 5 points to +2 in November, its weakest reading since late 2020. The more volatile confidence index sank to -3, more than reversing October's jump to +5. Sales slowed a sharp 8 points to +5 in the month, while profitability fell 6 points to -1, and employment intentions dipped 1 point to +2.
"While we were optimistic last month, it appears the trend of well below-average confidence remains intact," said Alan Oster, chief economist at NAB. "Conditions in the goods sector remain weak," he added. "Interestingly, conditions in the services sectors – recreation & personal services and finance, business & property services – continue to track at a higher rate." Activity fell across all industries, with retail and manufacturing reporting the worst conditions.
The disappointing figures suggest the economy has not picked up after a very soft third quarter, when household consumption struggled in the face of high borrowing costs.
The Reserve Bank of Australia wraps up its December policy meeting later on Tuesday and is widely expected to hold rates at 4.35%, where they have been for the past year. Measures of cost pressures in the NAB survey were mostly steady in November, though retail prices slowed to a quarterly pace of 0.6%, from 1.1% in October.
Growth in input costs ticked up to 1.1%, while labour costs held at 1.4%. The official measure of consumer price inflation had slowed sharply to 2.8% in the September quarter, though much of that was due to temporary government rebates on electricity bills.
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After nearly a decade of talks, Indonesia and the European Union aim to finalize a free trade deal by the end of June.
Tensions are rising along the Thailand–Cambodia border as both nations reinforce their military presence following a deadly skirmish and failed de-escalation talks.
Ukraine's Air Force announced Saturday morning that it had shot down a Russian Su-35 fighter jet during a successful operation in the Kursk direction.
Kharkiv faced its most intense assault since the war began, as Russia launched a deadly overnight attack using drones, missiles, and guided bombs.
Mayo Clinic researchers have validated a blood test's high precision for diagnosing patients with cognitive impairment.This non-invasive, cost-effective breakthrough, detailed in Alzheimer's & Dementia, offers much-needed hope for earlier intervention and better management.
While the world's attention is often captured by rising sea levels, another critical environmental crisis is unfolding beneath our feet: land subsidence.
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A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
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Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
U.S. President Donald Trump and Chinese President Xi Jinping are expected to speak this week to discuss recent trade tensions, White House press secretary Karoline Leavitt said.
Global food commodity prices experienced a notable decline in May, driven by significant drops in the cost of grains, sugar, and vegetable oils, the United Nations' Food and Agriculture Organization (FAO) reported on Friday.
Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
The European Central Bank has reduced its three key interest rates by 25 basis points, aligning with expectations and reflecting progress toward its inflation target.
Centrica, owner of British Gas, has agreed to a £20 billion deal with Norway’s Equinor to supply nearly 10% of the UK’s gas needs annually for the next decade, supporting energy security while paving the way for future hydrogen integration.
Tesla’s shares declined by about 14.2% on Thursday, reducing the company’s market value by roughly $152 billion, as Elon Musk and Donald Trump publicly exchanged criticisms on social media.
Ukraine's Air Force announced Saturday morning that it had shot down a Russian Su-35 fighter jet during a successful operation in the Kursk direction.
Kharkiv faced its most intense assault since the war began, as Russia launched a deadly overnight attack using drones, missiles, and guided bombs.
Mayo Clinic researchers have validated a blood test's high precision for diagnosing patients with cognitive impairment.This non-invasive, cost-effective breakthrough, detailed in Alzheimer's & Dementia, offers much-needed hope for earlier intervention and better management.
While the world's attention is often captured by rising sea levels, another critical environmental crisis is unfolding beneath our feet: land subsidence.
China's Foreign Minister Wang Yi is scheduled to participate in the Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the Forum on China-Africa Cooperation (FOCAC) and the opening ceremony of the Fourth China-Africa Economic and Trade Expo.
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