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<p>National Australia Bank Business Survey for December 2022</p><p>Australian businesses confidence is still in the doldrums at -1, its second month in a row below zero</p><ul><li>prior -4</li></ul><p>Australian businesses conditions down for a third straight month in December, to 12 (12 is above the longer run average of 5) </p><ul><li>November was 20</li></ul><p>AUD/USD is little changed on the release. </p><p>-</p><p>Some of the sub-indexes:</p><ul><li>sales down 9 points, still healthy at +18</li><li>capacity utilisation dropped from record high levels to 83.7%</li><li>profitability down 7 to +1</li><li>employment down 5 points to +8</li></ul><p>Inflation indications in the survey fell across the board. Labour costs notably dropped. NAB remarks:</p><ul><li>output price and input cost growth measures eased in the month but remain elevated</li><li>labour cost growth slowed to 2.0% in quarterly terms</li><li>final products price growth slowed to 1.5%</li><li>retail prices slowed to 2.3%.</li></ul><p>National Australia Bank comments:</p><ul><li>"Overall, the survey continues to point to a healthy level of activity with above average conditions and elevated capacity utilisation but a slowing in momentum with most indicators pulling back over the past three months or so," </li><li>"With confidence still in negative territory and well below average, and forward orders moderating further in the month, there are signs that conditions may ease further." </li></ul><p>China's reopening should begin to show economic benefits in Australia soon. </p>

                This article was written by Eamonn Sheridan at www.forexlive.com.