This afternoon’s ANZ business survey registered a slight decline in its headline confidence – to +67.3, from +70.8 in February. However, we judge an increase in seasonally adjusted terms – to +68.9, from +64.8. Same deal for own-activity expectations, which we reckon burgeoned to +60.5 in March, from +56.1, seasonally adjusted, whereas the actual results were +58.2, from +58.5. The core results are thus still getting stronger, hitting fresh 20-year highs in the process.
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