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NAB Quarterly Business Survey – October 2023
Wage costs remain the top issue affecting business confidence, with labour cost growth rising to 1.8% q/q and labour availability still a significant constraint for around 40% of firms. However, fewer firms expect significant wage pressures in the next six months suggesting the peak in wage pressure may have occurred in Q3. Purchase cost growth was more contained and there was further gradual improvement in the share of firms reporting materials availability as a constraint. More broadly, business conditions remained robust and forward orders edged back into positive territory, similar to the trend seen in the NAB ... (full story)