A triple threat of higher interest rates, global uncertainty and elevated fuel and diesel costs is weighing down business confidence, according to the NAB Monthly Business Survey.
Keep calm and muddle on: Global Forward View August 2026 - NAB
19 August 2026
Key points
- Global growth has stabilised in Q2 pointing to a contained Iran-war fallout.
- Q2 GDP results have generally been stronger than expected; we now see global growth of 3.1% in 2026 (previously 3.0%). 2027 growth unchanged at 3.3%. The continued Iran conflict means risks to the outlook remain tilted to the downside.
- The Japan-US yen intervention highlights the fundamental need for the BoJ to raise rates more quickly than it has been doing.
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