The NAB Australian business survey recorded a rebound in business conditions during February, suggesting the non-mining recovery has not wavered.
NAB’s chief economist Alan Oster says: “Business conditions hit a level that is well above the long-run average, following big improvements in the major mining states of Western Australia and Queensland, as well as more moderate increases in NSW and South Australia.
“It confirms that low interest rates and a more competitive AUD are clearly having the desired effect.”
Three of the key measures – trading, profitability and employment – all recorded solid improvements during the month.
Sectors that recorded improvements were: mining, wholesale, manufacturing and construction.