Growth, inflation and labour market all easing
This report builds on our existing fortnightly Data Insights series and includes more detail on NAB business customer inflow data across various agricultural industries and states.
While the data is quite volatile, we can see the broad impact of seasonal and commodity price changes across a range of commodities. This month, we consider the impact of record cotton production and excellent prices on NAB customer business inflows.
NAB publishes aggregated customer data categorised by industry segment with the view to helping provide clarity around which segments of the economy have been most affected by the broader macroeconomic trends at play. NAB takes data privacy very seriously. All customer transaction data has been aggregated and no individual’s data is specifically identified or analysed as part of this process. The data used in this report will not be sold or made publicly available, but insights from the data will be shared with the Australian people.
Business inflows for NAB agriculture, forestry and fishing customers continue to grow at a rapid pace, reflecting a monster winter crop, strong commodity prices and more recently, a record-breaking cotton bonanza.
This is reflected in our customer data to July, with most sectors across most states well up on 2020 and 2021 levels. Our 6-week rolling average closed out July up 27% compared to a year prior.
The cotton industry has been the single strongest performer, with a combination of high prices and likely record delivering huge grower returns, especially in NSW. NSW grower inflows for July 2022 were up 58% on a year ago and 370% on two years ago. Queensland incomes were up 48% and 158% respectively. With August usually the biggest month for revenue, these results are likely to jump further.
For further details please see the NAB Agri Data Insights July 2022 report
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