SUMMARY • A more cautionary stance is notable in this month’s survey. • Activity, employment and investment expectations all remain at healthy levels, though peaks have been pared back. • Some of the paring back may reflect a maturing business expansion, but we’re more inclined to put the move down to political uncertainty. Businesses are eying the pause button according to the ANZ Business Outlook Survey. A net 0% of businesses are optimistic about the year ahead. That’s the lowest level since September 2015. There is good news still. • Adjusting for seasonality, business confidence is still positive. While it fell ... (full story)