Australia business conditions and confidence dip in May, miss estimates

The National Australia Bank (NAB) is out with its monthly business outlook surveys, with May Business Conditions arriving at 15 versus 18 expected and April’s record high booked at 21.

Australia NAB Business Confidence for May came in at 6 versus 9 expected and 11 last.

Separately, Australia home loans for April was reported: -1.40% versus -1.80% expected and -2.20% previous.

Analysts at ANZ published a preview earlier today, noting that “Conditions leapt in April to the highest level on record, with underlying details around profits and capacity utilisation all positive. Strength in other business surveys, especially the services sector, is likely to see this positive run persist. We are also looking for business confidence to nudge higher on the back of a fairly well received federal government budget.”