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Andrew Hanlan, analyst at Westpac, notes that Australia’s NAB business survey for August reveals that policy stimulus has yet to provide a boost to the economy as in a surprise result, conditions not only failed to rise but weakened further.

Key Quotes

“The business conditions index fell, down by 2pts to +1. This, a below average reading, is the softest result since 2014.”

“Business confidence fell by 3pts to +1, a well below average reading. Confidence has evaporated against a challenging domestic backdrop and a deteriorating and uncertain global environment.”

“The NAB survey indicates that the weaker economic conditions evident in 2019 have extended well in to the September quarter.”