Dated NAB survey no inflation relief

Wednesday 15 July 2026

NAB’s horrible new layout for the monthly business review shows employment stalled with a lot of cost relief.

However, what comes down goes up again thanks to the Dump, so expect this reverse skywards over H2 with oil.

That said, the RBA would be pleased with this chart. Capacity utilisation is at its lowest in two years and trending down.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.