INDUSTRY INSIGHTS

INSIGHTS, TRENDS AND CASE STUDIES

Since last month’s wrap, we have seen further gains in most agricultural commodity prices, tentative signs of a stabilisation in fertiliser prices, combined with a lower AUD and a weakening global growth outlook.

In this excerpt from the new NAB Regional & Agribusiness Horizons Report Dean Pearson, Head of Behavioural & Industry Economics at NAB, highlights key differences in attitudes and behaviours among city, regional and rural dwellers – including the finding that rural and regional Australians are happier.

In month-on-month terms, our NAB Online Retail Sales Index contracted again in May.

Global growth prospects continue to weaken.

Our data show a drop in retail sales in May, albeit from generally strong levels seen earlier in the year.

In month-on-month terms, our NAB Online Retail Sales Index contracted for a third consecutive month in April.

Growth set to slow to below its long-run average

We see retail sales continuing to grow in April, albeit at a somewhat slower pace than previous months.

In month-on-month terms, our NAB Online Retail Sales Index contracted for a second consecutive month in March.

COVID and conflict continue to cloud near term outlook.

March has seen smoother retail prospects when compared to the very choppy conditions across January and February, with our forecast pointing to moderate growth in the month.

In month-on-month terms, our NAB Online Retail Sales Index contracted in February.

COVID disruptions have continued but State economies have been resilient and labour markets are strong.

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