CONFIDENCE levels in agriculture vary widely across the country, with seasonal conditions positioning Western Australia as the clear standout performer in the fourth quarter (Q4) of 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 extensive network of agribusiness bankers, revealing an unprecedented level of insight into agribusiness conditions and confidence.
NAB’s chief economist Alan Oster said the quarterly survey derived 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.”
Key findings from the Q4 2018 NAB Agribusiness Banker Survey include:
Agribusiness conditions were negative in Q4 2018. The Agribusiness Conditions Index measured -19, with more bankers reporting weak than strong conditions.
The Q4 2018 NAB Agribusiness Banker Survey can be viewed here.