Australia Business Sentiment Holds Up Amid Acute Cost Pressures [Business News Network (BNN) (Canada)]
NATL AUSTRALIA BK S/ADR (NABZY)
NASDAQ:AMEX Investor Relations:
nab.com.au/about-us/shareholder-centre
Company Research
Source: Business News Network
Business conditions -- measuring hiring, sales and profits -- advanced to 20 points in April from a revised 15 the prior month, a National Australia Bank Ltd. survey showed Tuesday. Confidence eased by six points to 10, still above the long-run average, NAB said. Cost pressures remain acute after hitting record levels in March, with quarterly labor costs climbing to 3% and purchase costs hitting 4.6%, the survey showed. Price inflation edged back from record levels in March, NAB said. “The April survey results show little let-up in the underlying cost pressures,” said Alan Oster, chief economist at NAB. “Price growth eased somewhat in the April survey, but remained high when looking at the history of the survey, supporting our expectation that inflation will remain elevated.” A spike in first-quarter headline inflation to above 5% prompted the Reserve Bank of Australia to begin raising interest rates last week with a larger-than-expected 25-basis-point hike to take the cash rat
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