Several industries witnessed substantial drops in their conditions. Transport and utilities descended 13 points, while retail also faced declining conditions, dropping 9 points. However, on a positive note, the overall conditions seem to remain stable across industries.
When viewed by state, Queensland recorded a significant dip in conditions, falling 16 points. Other mainland states also experienced decreases, though not as pronounced, while Tasmania saw a slight improvement during the month. In terms of trend, conditions remain resilient across the states, with figures ranging between 10-14 index points. Tasmania stood out with an impressive 17 index points, as per the survey.
Business confidence remained unchanged at 1 index point, a figure it has maintained for multiple months. Retail showcased an improved confidence level, rising by 7 points. Notably, even with a bounce in Tasmania, the confidence there continues to be negative in trend terms.
The survey also highlighted some enhancements in leading indicators. Forward orders made a comeback into the positive domain, increasing by 2 points to settle at 2 index points, after a dip into the negative territory earlier in the year. Capacity utilisation saw a slight drop but remains solid at 84.2 per cent.
Lastly, the survey touched upon price and cost growth, which witnessed a decrease during September. Labour cost growth settled at 2 per cent in quarterly equivalent terms, with purchase cost growth receding to 1.8 per cent. Overall price growth also took a step back, coming in at 1 per cent. In specific sectors, retail price growth remained stagnant at 1.8 per cent.
ALCHEMPro News Desk (DP)
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