This report builds on our existing bi-monthly Data Insights series and includes more detail on NAB business customer input data across various industries and agricultural states.
NAB Agri Business entries continue to perform well
Although the data is quite volatile, we can see the general impact of seasonal variations and commodity prices on a range of commodities. This month, we look at the impact of record cotton production and excellent prices on business inflows from NAB customers.
NAB releases aggregated customer data categorized by industry segment in an effort to help clarify which segments of the economy have been most affected by the broader macroeconomic trends at play. NAB takes data privacy very seriously. serious. All customer transaction data has been aggregated and no individual data is specifically identified or analyzed as part of this process. The data used in this report will not be sold or made public, but insights gained from the data will be shared with the people of Australia.
Comments from the NAB Group Chief Economist
Business inflows for NAB’s agriculture, forestry and fishing customers continue to grow at a rapid pace, reflecting a monstrous winter harvest, high commodity prices and, more recently, a record windfall for cotton.
This is reflected in our client data through July, with most sectors in most states well up from 2020 and 2021 levels. Our 6-week moving average ended July up 27% from to the previous year.
The cotton industry was the best performer, with a combination of high prices and a likely record delivering huge returns to growers, particularly in New South Wales. NSW grower entries for July 2022 were up 58% from a year ago and 370% from two years ago. Queensland revenues rose by 48% and 158% respectively. With August generally being the most important month for revenue, these results should increase further.
For moreFor more details, please see the NAB Agri Data Insights report July 2022