ONLY CHARTS #283

Aus NAB survey, Aus consumer confidence, Aus unemployment expectations, Aus resi vacancy rates, NZ non-market jobs, NZ mortgages by maturity

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1. Australian firms reported that overall business conditions were little changed in February and remained below average.

Within the composite business conditions measure, profitability remained relatively weak.

Following the spike in late 2024, Aussie retailers’ reported profitability and forward orders have weakened to be back below average. Capacity utilisation in retailing fell to average levels in February.

2. Australian businesses reported slightly better forward orders in February. While domestic demand growth has picked up in unison with improving forward orders, the below-average reading suggests that demand growth remained relatively subdued in early 2025.