NAB’s Chief Economist, Alan Oster provides his thoughts on the Australian and Global economy.
NAB launches new measure of agribusiness and regional performance in Australia
Confidence levels in agriculture vary widely across the country, with seasonal conditions positioning Western Australia (WA) as the clear standout performer in Q4 2018.
That’s according to a new measure of Australian agribusiness performance, released today by the National Australia Bank (NAB).
The inaugural NAB Agribusiness Banker Survey taps into the observations of NAB’s specialist agribusiness bankers across the country, revealing an unprecedented level of insight into agribusiness conditions and confidence.
NAB Agribusiness Customer Executive Neil Findlay said that as Australia’s largest agribusiness bank, NAB was in a unique position to monitor movements in the agricultural sector and regional Australia.
“By asking our bankers about what they’re seeing in key agricultural regions, we have been able to drill down into the performance and confidence levels of Australian agribusinesses,” Mr Findlay said.
NAB’s Chief Economist Alan Oster said the quarterly survey derives a unique measure of agribusiness conditions, confidence and actual performance by aligning banker observations with customer industries and locations.
“In the survey we ask our bankers to tell us about their agribusiness customers. We don’t ask them to speculate about the economy, or what they think is a good or bad industry. Rather, we want to know how their customers are performing,” Mr Oster said.
“It allows us to explore agribusiness conditions at a more detailed level than more traditional surveys,” he said.
Key findings from the Q4 2018 NAB Agribusiness Banker Survey include:
Read more in Agribusiness Banker Survey Q4 2018 and tune into our podcast by Dean Pearson, Head of Behavioural and Industry Economics and Phin Ziebell, Associate Director – NAB Group Economics here:
© National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.