Bank’s (NAB) index of business conditions plunged to -21 points in March vs. 1
expected and 0 last.
The survey’s volatile
measure of business confidence crashed to -66 in March vs. -2 expected and -4
seen in February. The gauge fell to the lowest in the history of the series.
NAB Group Chief
Economist Alan Oster said: “Worryingly, but not surprisingly, business’s
outlook is the weakest ever. The business has essentially told us that trading
conditions, profitability, and employment all went backward in a big way in the
“We expect a
recession of unprecedented speed and magnitude for the Australian economy over
the next three quarters. This will see a sharp increase in unemployment,” Oster
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