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According to TD Securities analysts, Australia’s NAB Business survey for June was mixed with the post-election impact rather muted as Business Conditions rose 2pts in June, from 1 to 3, but Confidence dropped 5pts from 7 to 2.

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“There are numbers in here that would please the RBA – jumps in trading conditions (from 3 to 6) and employment (from 2 to 5) helped drive the rise in Business Conditions and there was a pick up in capacity utilisation from 80.9% to 82.1% – perhaps spare capacity is unwound over coming months. That said forward orders and profitability remained weak on rising input and labour costs, weighing on confidence.”