Australia: Business confidence collapses – Westpac

The NAB business survey for March provided further confirmation that the COVID-19 medical crisis is also an economic crisis, economists at Westpac Institutional Bank inform.

Key quotes 

“Business confidence collapsed. The index fell to -66, down from -2 in February.”

“Business conditions fell from 0 to -21.”

“Manufacturing reported was a -21 - at odds with the AiG’s PMI, which rose to 53.7 in March on the back of increased demand for manufactured food, groceries and personal care items.” 

“Construction was little changed, at -3. Mining fell to a -42, with the world economy sliding into a deep recession and prices for some commodities (notably oil) moving lower.”