Australia’s big listed companies are roaring back to life, according to the NAB’s quarterly ASX300 business survey.
The NAB said that “business confidence among Australia’s top listed firms rebounded in the June quarter after two consecutive quarters of being in the red, increasing +11 points to a final reading of +7.”
Overall “ASX 300 business conditions were broadly unchanged at +7 (from +6 in the March quarter),” the bank said.
Profitability remains lacklustre but in a sign that could be about to change the NAB said “ASX 300 trading conditions rebounded to +20, reaching a new survey high after falling to a flat 13 in the previous quarter.”
But in a sign that the economic environment is still tough NAB chief economist Alan Oster said “Despite the decrease in cost pressures and an increase in final product prices, profitability weakened due to ongoing negative sales margins (albeit improving slightly over the quarter)”
Here are the key components, in chart form.