Australian EconomyAustralian interest rates

Australia’s alarming economic stall

David Llewellyn-Smith
Wednesday 11 November 2026
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Yesterday, a couple of data releases painted an increasingly disturbing picture of the local economy.

The NAB business survey is bleeding out.

  • Business conditions -1pt to -2
  • Business confidence -1pt to -15
  • Trading conditions -4pt to -1
  • Profitability -2pt to -8
  • Employment +5pt to +4
  • Forward orders -11pt to -12
  • Capacity utilisation -7bp to 82.1%

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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.