ONLY CHARTS #192

Aus Q3 NAB survey

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NAB’s quarterly business survey reveals some interesting insights into what Australian firms are experiencing in terms of activity, profits, costs, pricing power, capacity pressures, etc.

1. There was a small fall in Q3 in the share of firms reporting that labour availability was a significant constraint on their output but it remained high by historical standards. Moreover, a rising share of businesses noted that labour availability was a minor constraint on output.

Taken together, the share of firms reporting that labour availability was a constraint on their output rose again in Q3. Historically, this has been highly correlated with the unemployment rate.

2. At face value, those reports from firms are consistent with the recent increase in job advertising in Australia (inverted in chart).