Australian Business Strength Is Shocking Even its Biggest Lender [BNN Bloomberg (Canada)]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: BNN Bloomberg
Business credit growth is currently “surprisingly surprising on the upside,” National Australia Bank Ltd. Chief Executive Officer Andrew Irvine said on Thursday. “If you'd asked me six months ago as previous head of the business and private bank whether we would have printed nearly 9% business credit growth, I would have said ‘no chance' and yet here we are,” Irvine said on a call with reporters Thursday. The health of Australian firms has been reflected in sticky inflation and an ultra-tight labor market, alongside house prices that are seemingly impervious to high borrowing costs. Money markets have quickly switched from pricing in strong chances of an interest-rate cut from the Reserve Bank of Australia this year to now ascribing about a 50% chance of another 25-basis-point increase to 4.6% in November — a level last seen in 2011. Irvine, just weeks into his CEO role, called out industries including minerals, mining, agriculture, defense, health care and even manufacturing —
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