COVID Economic Outlook and The Future, by NAB Economists
I attended an economic briefing by a senior NAB economist not long ago. I figured you or your business would find these collated data insightful.
The National Australia Bank (NAB) Business Confidence Index rates the current level of business conditions in Australia. Changes in business sentiment can be an early signal of future economic activity such as spending, hiring, and investment. See below how lockdowns affected business confidence and investment.
These consumption data below highlight industry winners and losers. Most of these are most likely what we expected:
And how about employment by these sectors below?
It is encouraging to hear that signs of global recovery are observable as seen below:
The second lockdown in Victoria is probably slowing down Australian recovery during Q3 (Q3 data are not captured above yet). While housing market has held up, underlying market conditions appear weak over the next couple of years.
Nonetheless, NAB economists suggested that recovery is underway and expected to continue over the next couple of years.
It’d make sense if now is a great time to position our respective organisations for cost-minimisation to protect profitability and be agile for the recovery. If you have any question on energy cost minimisation, feel free to contact us.
P.S. Obviously, we are not giving any economic or financial advice here.
Source: NAB Economic Outlook – Interim Update (at SEBN Open Forum, 18th Aug 2020)