ONLY CHARTS #532

Aus labour availability, Aus award wages, Aus labour market detail, Aus Q4 GDP growth nowcast, NZ Activity Index, NZ housing finance

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1. NAB’s quarterly business survey showed that more than 80% of firms in Australia say that labour availability is a constraint on their ability to lift output.

This share - while not at pandemic highs - remains above the peak reached prior to the Global Financial Crisis.

The share of firms in Australia reporting that insufficient orders are a headwind to output has drifted a bit lower over the past year but isn’t as low as one might expect given how high reported capacity utilisation is.

2. The share of firms in Australia reporting that labour availability is a significant constraint on their operations increased again in Q1 for the third consecutive quarter.