The NAB’s quarterly business survey is out this morning – it’s the big brother of the monthly survey and has more respondents allowing a deeper dive into the economy. The survey showed that business confidence (+6) and conditions (+3) are at, or better than, long-run averages but the NAB’s commentary drips with caveats and reasons why the the underlying economy businesses face is not as strong as the headlines suggest. On conditions – which is what businesses are experiencing now – the NAB said that the increase to 3 from the long run average of 1 should be judged against conditions which, “steadily eased” across the ... (full story)