Australia October NAB Business Conditions Hit Six-Year Low as Confidence Falls to -15

Australian business conditions fell 1 point to -2 in October, reaching their lowest level since August 2020, according to the latest National Australia Bank survey. Business confidence declined to -15 from -14 in September, remaining well below its long-run average of +5, while forward orders plunged 11 points to -12. Concurrently, quarterly purchase cost growth accelerated to 2.4% while final product price growth slowed to 0.6%, compressing profit margins. The survey complicates the outlook for the Reserve Bank of Australia, which has held the cash rate at an 18-year high of 4.85% following five hikes this year.