Andrew Hanlan, an analyst at Westpac, notes that Australia’s NAB business survey for August shows that policy stimulus has yet to provide a boost to the economy as in a surprise result, conditions not only failed to rise but weakened further.

• “The business conditions index fell, down by 2pts to +1. This, a below-average reading, is the softest result since 2014.
• Business confidence fell by 3pts to +1, a well below average reading. Confidence has evaporated against a challenging domestic backdrop and a deteriorating and uncertain global environment.
• The NAB survey indicates that the weaker economic conditions evident in 2019 have extended well into the September quarter.”