ONLY CHARTS #260

Aus Q4 NAB survey, Aus trade, US ISMs

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1. The most important chart from NAB’s Q4 business survey shows that Australian firms reported little change in their perceptions of the availability of labour.

This followed two quarters where firms said that labour availability had become a greater constraint on output.

2. Nearly half of Aussie firms - close to a record high - say that labour availability is a “minor” constraint on output.

A further one-third of firms report that it is a “significant” constraint on output, down sharply from the high in 2022 but still higher than the previous peak in 2007.