nab customer spending behaviours · nab’s customer spending behaviours report explores the...

NAB CUSTOMER SPENDING BEHAVIOURS

NAB’s Customer Spending Behaviours report explores the spending behaviours of our customers, excluding things such as mortgages, other credit repayments and government services. By examining around 2.7 million daily transactions, we show where spending is growing fastest and what customers are spending on. Given the size of NAB’s customer base, it provides an indication of national and regional trends. Customer spending growth improved in Q2 2017 in all metropolitan and regional areas (except TAS). By state, VIC, NSW and QLD contributed around 98% of total growth in customer spending in Q2. Growth was fastest for Arts & Recreation and Accommodation & Food.

HIGHLIGHTS:

How has spending changed? - Total customer spending growth in Australia increased 3.9% y/y in Q2 2017, up from 2.0% y/y in Q1 2017). Average monthly spending also rose to $2,064 in metro ($1,997 in Q1) and $1,918 in regions ($1,866 in Q1).

Which states contributed most to spending growth? - VIC, NSW and QLD contributed around 98% to total customer spending growth in Q2 2017. WA detracted -3.4%. By region, Greater Melbourne and Sydney accounted for just over 50% of all customer spending growth. Regional NSW, QLD and VIC added around 39%.

Where is spending growing fastest across capital cities? - Growth accelerated in all cities relative to Q1 except in Hobart (but still fastest overall at 5.1%). Darwin (4.5%), Sydney (4.1%) and Melbourne (4.1%) were next fastest, and Perth (-1.3%) and Adelaide (1.9%) slowest.

Which postcodes grew fastest in metropolitan areas? - In AUS, growth was fastest in Hurstbridge VIC 3099 (38.1%), Garfield VIC 3814 (30.6%), Quakers Hill NSW 2763 (29.4%), Red

Hill VIC 3937 (29.1%), Panton Hill VIC 3759 (27.7%), Georges Hall NSW 2198 (27.3%) and Hall ACT 2618 (26.9%). - In NSW, spending growth was fastest in Quakers Hill 2763 (29.4%), Georges Hall 2198 (27.3%) and Brooklyn 2083 (26.2%) - In VIC, Hurstbridge 3099 (38.1%), Garfield 3814 (30.6%) and Red Hill 3937 (29.1%). - In QLD, Coopers Plains 4108 (19.9%), Nathan 4111 (19.2%) and Grantham 4347 (19.1%). - In SA, Gepps Cross 5094 (24.4%), Mallala 5502 (22.4%) and Virginia 5120 (17.7%). - In WA, Mariginiup 6078 (11.6%), Trigg 6029 (10.6%) and Singleton 6175 (10.1%)

What about regional areas? - Spending growth accelerated in all regional areas relative to Q1 (except TAS). Overall growth in regional areas (4.9%) continued to outpace Greater Metropolitan or “City” areas (3.3%). Regional growth was fastest in NT (7.0%), SA (6.0%), VIC (5.2%), NSW (5.1%) and QLD (4.9%) and slowest in TAS (1.6%) and WA (2.4%).

What type of spending grew fastest? - Arts & Recreation Services (35.3%) was fastest (underpinned by Creative & Performing Arts) followed by Accommodation & Food Services (10.5%) and Professional, Scientific & Technical Services (7.9%). Education & Training (-2.5%), Construction (-1.8%) and Transport, Postal & Warehousing (-1.3%) were slowest.

NAB Customer Spending: by state (% y/y)

Q1 2017 Q2 2017

Metro Regional Metro Regional

NSW 2.6% 4.4% 4.1% 5.1%

VIC 2.4% 4.1% 4.1% 5.2%

QLD 1.0% 2.1% 3.3% 4.9%

SA 0.0% 2.8% 1.9% 6.0%

WA -2.8% 1.0% -1.3% 2.4%

TAS 6.2% 2.5% 5.1% 1.6%

NT 1.6% 3.7% 4.5% 7.0%

ACT 5.2% 5.6%

AUSTRALIA 1.6% 3.2% 3.3% 4.9%

Customer spending excludes government services, taxes, direct to consumer manufacturers, mortgage and other credit facility repayments.

NAB Customer Spending: by industry sector (% y/y)

Q1 2017 Q2 2017

Accommodation & Food Services 7.5% 10.5%

Administrative & Support Services 4.3% 5.6%

Arts & Recreation Services 12.0% 35.3%

Construction -0.6% -1.8%

Education & Training -1.9% -2.5%

Electricity, Gas, Water & Waste 1.3% 0.1%

Finance & Insurance Services 7.9% 3.8%

Healthcare & Social Assistance 1.9% -0.8%

Info, Media & Telecoms 0.8% 1.8%

Other Services 5.3% 4.1%

Professional, Scientific & Tech Serv. 0.7% 7.9%

Rental, Hiring & Real Estate Serv. 1.4% 3.6%

Retail Trade 1.0% 3.3%

Transport, Postal & Warehousing -3.7% -1.3%

Wholesale Trade 3.6% 1.2%

NAB Behavioural & Industry Economics

EXPLORING THE SPENDING BEHAVIOURS OF NAB CUSTOMERS - Q2 2017

Page | 2

OVERALL GROWTH IN NAB CUSTOMER SPENDING ($) BY DIVISON & STATE (percentage change Q2 2017 on Q2 2016)

NSW VIC QLD SA WA TAS NT ACT AUS

Education & Training -0.7 -2.9 -1.9 -6.4 -4.9 -4.9 -20.0 -3.9 -2.5

Construction -4.4 0.6 -0.6 2.6 -5.0 -10.2 -18.6 3.2 -1.8

Transport, Postal & Warehousing -0.8 -1.4 -1.1 -1.4 -5.0 2.2 -5.7 9.2 -1.3

Health Care & Social Assistance 0.2 -0.7 -2.0 3.2 -3.5 2.4 -7.8 -0.4 -0.8

Electricity, Gas, Water & Waste Services 2.8 -1.0 3.2 -5.1 -6.4 -0.7 -11.6 5.0 0.1

Wholesale Trade 11.1 1.6 -9.8 -12.5 -3.2 -0.2 36.1 15.1 1.2

Information Media & Telecommunications 1.0 0.7 5.7 4.2 -3.6 -0.8 6.1 -0.5 1.8

Retail Trade 3.9 3.7 3.8 3.1 -1.2 5.0 5.9 4.9 3.3

Rental, Hiring & Real Estate Services 3.7 7.5 0.8 2.4 -2.1 -10.4 -0.3 -0.3 3.6

Financial & Insurance Services 0.0 9.0 7.8 -9.6 0.2 -4.3 2.7 12.3 3.8

Other Services 7.7 3.2 1.8 5.5 1.2 4.0 9.6 2.0 4.1

Administrative & Support Services 8.1 7.3 2.3 3.3 -0.5 10.1 12.6 11.5 5.6

Professional, Scientific &Technical Services 8.1 9.3 9.4 6.2 2.3 -8.1 6.7 1.5 7.9

Accommodation & Food Services 12.0 10.6 9.7 11.0 6.3 11.0 14.4 13.7 10.5

Arts & Recreation Services 34.9 30.0 44.4 34.4 42.3 30.7 34.8 24.8 35.3

Fastest growing by division Slowest growing by division

SUMMARY:

Overall Customer spending in Australia Based on NAB’s transaction data (including BPAY), total NAB customer spending grew 3.9% y/y in Q2 2017, up

from 2.0% y/y in the previous quarter. Average monthly spending during the quarter also increased to $2,064 in metropolitan areas ($1,997 in Q1 2017)

and $1,918 in regional areas ($1,866 in Q1 2017).

Overall Customer spending - metropolitan versus regional Overall NAB customer spending growth accelerated in both regional and metropolitan areas in Q2 2017, but

growth in customer spending in regional areas (4.9%) continued to outpace spending growth in greater metropolitan or “city” areas (3.3%).

NAB customer spending growth accelerated in all cities and regions relative to Q1 (except in TAS). In regional areas, spending growth was fastest in the NT (7.0%), SA (6.0%), ACT overall (5.6%), VIC (5.2%), NSW

(5.1%) and QLD (4.9%) and slowest in TAS (1.6%) and WA (2.4%). In capital cities (ABS definitions), customer spending growth was fastest in Hobart (5.1%), Darwin (4.5%), Sydney

(4.1%), Melbourne (4.1%) and Brisbane (3.3%) and slowest in Perth (-1.3%) and Adelaide (1.9%).

Fastest growing Local Government Areas (LGAs) Fastest growing metropolitan LGAs in Australia were Lane Cove NSW (13.2%), Brighton TAS (8.6%), Hunters Hill

NSW (9.5%), Mosman Park WA (9.4%), Willoughby NSW (8.2%), Moorabool VIC (7.5%), Hobart TAS (7.2%), Wyndham VIC (6.9%), Randwick NSW (6.9%), Kingborough TAS (6.9%) and Brimbank VIC (6.8%).

Fastest growing regional LGAs were Walgett NSW (26.4%), Glenn Innes Severn NSW (17.8%), Liverpool Plains NSW (17.6%), Gwydir NSW (17.3%), Irwin WA (17.2%) and Western Downs QLD (16.8%).

The top 30 fastest growing Australian metro and regional LGAs and the top 5 fastest growing metro and regional LGAs for each state are shown in Appendix 2.

Fastest growing postcodes - metropolitan In Australia, NAB customer spending growth was fastest in Hurstbridge VIC 3099 (38.1%), Garfield VIC 3814

(30.6%), Quakers Hill NSW 2763 (29.4%), Red Hill VIC 3937 (29.1%), Panton Hill VIC 3759 (27.7%), Georges Hall NSW 2198 (27.3%) and Hall ACT 2618 (26.9%).

See state sheets below for top 20 fastest growing metropolitan postcodes for each state.

Page | 3

Fastest growing postcodes - regional In Australia, NAB customer spending grew fastest in Willow Tree NSW 2339 (58.8%), Moree Plains NSW 2387

(58.7%), Picton WA 6229 (57.6%), Gwabegar NSW 2356 (55.4%), Truro SA 5356 (53.9%), Dirranbandi QLD 4486 (52.8%), Theodore QLD 4719 (52.4%), Barmah VIC 3639 (49.6%), Denham WA 6537 (47.8%), Newcastle West NSW 2022 (47.1%).

It is important to note that while these postcodes have a statistically significant number of customers, they may include small area spending data that can be more volatile than larger postcode spending areas.

See state sheets below for fastest growing metropolitan postcodes for each state.

Customer spending growth by industry category Spending grew in 11 of 15 categories in year-on-year terms during Q2 2017, and faster in 8 of 15 categories. By category, spending growth was fastest for Arts and Recreation Services (35.3% y/y) and significantly stronger

than in Q1 2017 (12.0%), underpinned by spending on Creative & Performing Arts. Spending on Accommodation & Food Services (10.5%), Professional, Scientific & Technical Services (7.9%) and Administrative & Support Services (5.6%) were the next fastest growing categories.

Spending growth was weakest for Education & Training (-2.5%), Construction (-1.8%), Transport, Postal and Warehousing (-1.3%) and Healthcare & Social Assistance (-0.8%).

Contributions to spending growth By state, VIC, NSW and QLD contributed around 98% of total growth in customer spending in Q2 2017. WA

detracted -3.4% from total spending growth. SA, ACT, TAS and the NT combined added 5.9%. By region, greater Melbourne and Sydney accounted for just over 50% of total spending growth in Q2. Regional

NSW, QLD and VIC contributed 39% (see Appendix 1).

-2.5%

-1.8%

-1.3%

-0.8%

0.1%

1.2%

1.8%

3.3%

3.6%

3.8%

4.1%

5.6%

7.9%

10.5%

35.3%

-10% 0% 10% 20% 30% 40%

Education and Training

Construction

Transport, Postal and Warehousing

Health Care and Social Assistance

Electricity, Gas, Water and Waste Services

Wholesale Trade

Information Media and Telecommunications

Retail Trade

Rental, Hiring and Real Estate Services

Financial and Insurance Services

Other Services

Administrative and Support Services

Professional, Scientific and Technical Services

Accommodation and Food Services

Arts and Recreation Services

OVERALL GROWTH IN NAB CUSTOMER SPENDING (Q2 2017, % y/y)

Page | 4

NAB CUSTOMER SPENDING BEHAVIOURS - Q2 2017 6

TAS Growth Q2 y/y Share of State Avg Monthly Spend (Q2) Metro: 5.1% Metro: 54% Metro: $1,873 Regional: 1.6% Regional: 46% Regional: $1,736

WA Growth Q2 y/y Share of State Metro: -1.3% Metro: 77% Regional: 2.4% Regional: 23%

Avg Monthly Spend (Q2) Metro: $1,969 Regional: $2,010

SA Growth Q2 y/y Share of State Metro: 1.9% Metro: 79% Regional: 6.0% Regional: 21%


VIC Growth Q2 y/y Share of State Metro: 4.1% Metro: 76% Regional: 5.2% Regional: 24%


NSW Growth Q2 y/y Share of State Metro: 4.1% Metro: 61% Regional: 5.1% Regional: 39%


QLD Growth Q2 y/y Share of State Metro: 3.3% Metro: 45% Regional: 4.9% Regional: 55%


NT Growth Q2 y/y Share of State Metro: 4.5% Metro: 82% Regional: 7.0% Regional: 18%


AUSTRALIA 3.85%

AUSTRALIA Growth Q2 y/y Metro: 3.3% Regional: 4.9% Share of AUS Metro: 65% Regional: 35% Avg Monthly Spend (Q2) Metro: $2,064 Regional: $1,918

ACT Avg Monthly Spend (Q2) $2,160

Page | 5

NAB CUSTOMER SPENDING BY STATE:

NSW - SYDNEY GREATER METROPOLITAN AREA

GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

SYDNEY GREATER METROPOLITAN AREA

GROWTH BY SPENDING (%,Y/Y)

*postcodes with lower than a statistically significant number of customers were omitted.

KEY TAKEOUTS

Overall customer spending in the greater Sydney metropolitan area (ABS definition) grew 4.1% y/y in Q2 2017 (2.6% y/y in Q1 2017).

Average spending per customer increased by $78 to $2,099.

Spending growth was fastest for Arts & Recreation (33.9%), Accommodation & Food (11.2%) and Other Services (9.1%).

Customer spending fell for Construction (-7.2%), Transport, Postal & Warehousing (-2.5%) and Information, Media & Telecommunications (-0.6%).

By individual postcode, spending growth was fastest in Quakers Hill 2763 (29.4%), Georges Hall 2198 (27.3%), Brooklyn 2083 (26.2%) and Church Point 2105 (22.1%).

‐7.2%

‐2.5%

‐0.6%

0.0%

0.2%

0.3%

2.9%

3.1%

4.1%

5.0%

7.9%

8.5%

9.1%

11.2%

33.9%

‐20% ‐10% 0% 10% 20% 30% 40%

Construction


Information Media andTelecommunications


Electricity, Gas, Water and WasteServices



Retail Trade


Wholesale Trade

Professional, Scientific and TechnicalServices


Other Services



29.4

%

27.3

%

26.2

%

22.1

%

16.6

%

16.4

%

15.8

%

15.5

%

14.4

%

14.3

%

13.2

%

12.8

%

12.3

%

11.9

%

11.7

%

11.6

%

11.5

%

11.4

%

11.3

%

11.3

%

0%

5%

10%

15%

20%

25%

30%

35%

Qua

kers

Hill

Geo

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l

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Cro

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27632198208321052132206621612784211622172097207227862031217220242572206122212133

Top 20 Postcodes by Spending Growth: Sydney Metro(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

4.1%

Average Monthly

Spend (Q2) $2,099

Page | 6

NSW - REGIONAL (EX. GREATER METRO AREA) GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

REGIONAL NSW (EX METRO)



KEY TAKEOUTS

Overall customer spending in regional NSW (ex metro) grew 5.1% y/y in Q2 2107, up from 4.4% y/y in Q1 2017, and somewhat stronger than in Sydney metro (4.1%).

Average customer spending increased $59 to $1,955, but was below that in Sydney metro ($2,099).

Spending growth was fastest for Arts & Recreation (36.0%), Wholesale Trade (16.7%) and Accommodation & Food Services (13.5%).

Spending fell for Financial & Insurance (-4.9%), Education & Training (-3.2%) and was flat for Healthcare & Social Assistance (0.1%).

By individual postcode, spending was fastest in Willow Tree 2339 (58.8%), Moree Plains 2387 (58.7%), Gwabegar 2356 (55.4%), Newcastle West 2302 (47.1%) and Harden 2597 (46.1%).

-4.9%

-3.2%

0.1%

1.0%

1.6%

3.1%

3.8%

4.9%

5.1%

7.3%

7.7%

8.6%

13.5%

16.7%

36.0%

-20% -10% 0% 10% 20% 30% 40%




Construction




Retail Trade

Other Services





Wholesale Trade


58.8

%

58.7

%

55.4

%

47.1

%

46.1

%

42.8

%

36.7

%

35.1

%

34.7

%

32.9

%

32.7

%

31.8

%

30.7

%

30.1

%

29.6

%

29.5

%

27.8

%

27.8

%

27.2

%

25.2

%

0%

10%

20%

30%

40%

50%

60%

70%

Will

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23392387235623022587286824082844234227072403240625882344273628762369283224242382

Top 20 Postcodes by Spending Growth: NSW Regional(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

5.1%

Average Monthly

Spend (Q2) $1,955

Page | 7

VIC - MELBOURNE GREATER METROPOLITAN AREA


MELBOURNE GREATER METROPOLITAN AREA GROWTH BY SPENDING (%,Y/Y)


KEY TAKEOUTS

Customer spending in the greater Melbourne metro area (ABS definition) grew 4.1% in Q2 2017, up from 2.4% y/y in Q1 2017.

Average customer spending increased $60 to $2,080.

Spending growth was fastest for Arts & Recreation (29.4%), Professional, Scientific & Technical Services (11.9%) and Accommodation & Food Services (10.1%).

Spending on Wholesale Trade (-8.9%), Education & Training (-2.8%), Electricity, Gas, Water & Waste Services (-1.7%), Transport, Postal & Warehousing (-1.7%), and Healthcare & Social Assistance (-0.9%) fell.

By postcode, spending growth was fastest in Hurstbridge 3099 (38.1%), Garfield 3814 (30.6%), Red Hill 3937 (29.1%) and Panton Hill 3759 (27.7%).

-8.9%

-2.8%

-1.7%

-1.7%

-0.9%

0.2%

0.5%

2.8%

3.2%

6.9%

7.8%

9.8%

10.1%

11.9%

29.4%

-20% -10% 0% 10% 20% 30% 40%

Wholesale Trade





Construction


Other Services

Retail Trade







38.1

%

30.6

%

29.1

%

27.7

%

20.5

%

17.0

%

16.9

%

15.0

%

14.9

%

14.9

%

14.7

%

14.6

%

14.2

%

14.1

%

14.0

%

13.3

%

12.9

%

12.6

%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Hur

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Gar

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3099 3814 3937 3759 3913 3916 3770 3027 3019 3171 3791 3202 3061 3792 3804 3052 3054 3943

Top 20 Postcodes by Spend Growth: Melbourne Metro(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

4.1%

Average Monthly

Spend (Q2) $2,080

Page | 8

VIC - REGIONAL (EX. GREATER METRO AREA) GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

REGIONAL VIC (EX METRO)



KEY TAKEOUTS

Customer spending in regional VIC (ex metro) grew 5.2% y/y in Q2 2017, from 4.1% y/y in Q1 2017, and ahead of Melbourne metro (4.1%).

Average spending increased $51 to $1,866 but was below Melbourne metro (up $60 to $2,080).

Spending growth was fastest for Arts & Recreation (32.7%), Wholesale Trade (31.4%) and Accommodation & Food Services (12.5%).

Customer spending on Education & Training (-3.2%), Transport, Postal & Warehousing (-0.3%) and Healthcare & Social Assistance Trade (-0.3%) fell.

By individual postcode, spending growth was fastest in Barmah 3639 (49.6%), followed by Skipton 3361 (41.2%), Warrion 3249 (38.3%), Quambatook 3540 (36.8%) and Donald 3480 (35.1%).

-3.2%

-0.3%

-0.3%

1.2%

1.2%

1.3%

2.3%

4.4%

5.0%

5.1%

5.4%

8.9%

12.5%

31.4%

32.7%

-10% 0% 10% 20% 30% 40%







Construction

Other Services

Retail Trade





Wholesale Trade


49.6

%

41.2

%

38.3

%

36.8

%

35.1

%

33.8

%

33.4

%

30.0

%

29.7

%

27.2

%

26.7

%

26.7

%

26.6

%

26.5

%

26.4

%

25.0

%

24.7

%

24.5

%

24.4

%

24.2

%

0%

10%

20%

30%

40%

50%

60%

Barm

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36393361324935403480339638903392357336233333382332723490344735333566324337283242

Top 20 Postcodes by Spending Growth: VIC Regional(Q2 2017 spend value on Q2 2017 spend value)

Overall Growth

5.2%

Average Monthly

Spend (Q2) $1,866

Page | 9

QLD - BRISBANE GREATER METROPOLITAN AREA


BRISBANE GREATER METROPOLITAN AREA



KEY TAKEOUTS

Customer spending in the greater Brisbane metropolitan area (ABS definition) grew 3.3% y/y in Q2 2017, up from 1.0% y/y in Q1 2017.

Average monthly spending grew $40 to $2,006.

Spending grew fastest for Arts & Recreation (36.5%), Financial & Insurance Services (14.0%), Professional, Scientific & Technical Services (9.7%) and Accommodation & Food Services (8.9%).

It fell for Wholesale Trade (-13.3%), Construction (-4.6%), Transport, Postal & Warehousing (-2.5%), Education & Training (-2.5%) and Healthcare & Social Assistance (-2.4%), with modest growth in all other categories.

By postcode, overall spending growth was fastest in Coopers Plains 4108 (19.9%), Nathan 4111 (19.2%) and Grantham 4347 (19.1%).

-13.3%

-4.6%

-2.5%

-2.5%

-2.4%

0.5%

0.7%

1.2%

1.8%

1.8%

2.6%

8.9%

9.7%

14.0%

36.5%

-30% -20% -10% 0% 10% 20% 30% 40%

Wholesale Trade

Construction







Other Services


Retail Trade





19.9

%

19.2

%

19.1

%

13.9

%

12.4

%

11.6

%

11.1

%

10.8

%

9.3%

9.3%

9.2%

9.1%

8.8%

8.4%

8.4%

8.3%

7.9%

7.9%

7.8%

7.7%

0%

5%

10%

15%

20%

25%

Coop

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Plai

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Nat

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Gra

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Dar

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41084111434743034076401240374022413341534344434143424123407842054067434040074313

Top 20 Postcodes by Spend Growth: Brisbane Metro(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

3.3%

Average Monthly

Spend (Q2) $2,006

Page | 10

QLD - REGIONAL (EX. GREATER METRO AREA) GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

REGIONAL QLD (EX METRO)



KEY TAKEOUTS

Customer spending in regional QLD grew 4.9% y/y in Q2 2017, up from 2.1% y/y in Q1 2017 and faster than in Brisbane metro (3.3%).

Average customer spending grew $53 to $1,925, but was below average spending in metro Brisbane ($2,006).

Spending growth was fastest for Arts & Recreation (53.5%), followed by Accommodation & Food Services (10.5%), Professional, Scientifics & Technical Services (9.1%) and Information, Media and Telecommunications (9.0%).

NAB customer spending fell for Wholesale Trade (-7.5%), Healthcare & Social Assistance (-1.6%) and Education & Training (-1.3%).

By postcode, spending grew fastest in Dirranbandi 4486 (52.8%), Theodore 4719 (52.4%), Thulimbah 4376 (45.4%), and Toowoomba 4364 (37.7%).

-7.5%

-1.6%

-1.3%

0.3%

0.9%

1.8%

2.3%

2.6%

2.7%

4.8%

5.6%

9.0%

9.1%

10.5%

53.5%

-20% -10% 0% 10% 20% 30% 40% 50% 60%

Wholesale Trade





Other Services



Construction

Retail Trade






52.8

%

52.4

%

45.4

%

37.7

%

35.4

%

33.7

%

30.0

%

29.8

%

29.3

%

27.6

%

27.0

%

26.3

%

25.7

%

25.7

%

25.6

%

25.5

%

25.1

%

24.8

%

24.2

%

23.7

%

0%

10%

20%

30%

40%

50%

60%

Dir

ranb

andi

Theo

dore

Thu

limba

h

Too

wo

om

ba

Rich

mo

nd

No

osa

Hea

ds

Yand

aran

Mid

ge

Poin

t

Yang

an

Toob

eah

Barc

ald

ine

Alp

ha

Go

om

bu

nge

e

Than

goo

l

Thal

lon

Isis

ford

Dal

veen

Leyb

urn

Gle

n A

plin

Kar

umba

44864719437643644822456746734799437144984725472443544716449747314374436543814891

Top 20 Postcodes by Spending Growth: QLD Regional(Q2 2017 spend value on Q2 2017 spend value)

Overall Growth

4.9%

Average Monthly

Spend (Q2) $1,925

Page | 11

SA - ADELAIDE GREATER METROPOLITAN AREA


ADELAIDE GREATER METROPOLITAN AREA



KEY TAKEOUTS

Customer spending in the greater Adelaide metropolitan area (ABS definition) grew 1.9% in Q2 2017 (0.0% y/y in Q1 2017).

Average monthly customer spending increased $234 to $2,143 and was highest of all metro areas.

Spending growth was fastest for Arts & Recreation (33.9%), Accommodation & Food Services (10.2%) and Other Services (6.8%).

Spending contracted for Wholesale Trade (-16.0%), Financial & Insurance Services (-11.9%), Education & Training (-6.8%) and Electricity, Gas, Water & Waste (-6.0%). Small falls were also seen in 3 other sectors.

By postcode, overall customer spending growth was fastest in Gepps Cross 5094 (24.4%), Mallala 5502 (22.4%), Virginia 5120 (17.7%) and Kangarilla 5157 (16.9%).

-16.0%

-11.9%

-6.8%

-6.0%

-1.2%

-1.2%

-0.7%

1.1%

2.6%

3.3%

3.6%

4.4%

6.8%

10.2%

33.9%

-30% -20% -10% 0% 10% 20% 30% 40%

Wholesale Trade







Construction

Retail Trade




Other Services



24.4

%

22.4

%

17.7

%

16.9

%

15.2

%

15.0

%

14.3

%

12.2

%

12.1

%

11.2

%

10.0

%

9.9%

9.8%

9.6%

9.0%

8.6%

8.5%

8.1%

7.7%

7.4%

0%

5%

10%

15%

20%

25%

30%

Gep

ps C

ross

Mal

lala

Vir

gin

ia

Kan

gar

illa

No

var

Gar

dens

Pen

fiel

d

Mea

dow

s

Bela

ir

Wal

kerv

ille

Wo

odv

ille

Wes

t

Tap

ero

o

Man

sfie

ld P

ark

Myr

tle

Bank

Will

unga

Lobe

thal

Ker

sbro

ok

Ferr

yden

Par

k

Burt

on

Kur

ralt

a Pa

rk

Ald

gat

e

50945502512051575040512152015052508150115017501250645172524152315010511050375154

Top 20 Postcodes by Spend Growth: Adelaide Metro(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

1.9%

Average Monthly

Spend (Q2) $2,143

Page | 12

SA - REGIONAL (EX. GREATER METRO AREA) GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

REGIONAL SA (EX METRO)



KEY TAKEOUTS

Customer spending in regional SA (ex metro) grew 6.0% y/y in Q2 2017, up from 2.8% y/y in Q1 2017.

Average monthly spending increased $74 to $1,785, but was lower than in Adelaide metro ($2,143).

Spending growth was fastest for Arts & Recreation (41.9%), Professional, Scientific & Technical Services (33.1%), Rental, Hiring & Real Estate Services (23.6%) and Accommodation & Food Services (14.7%).

Customer spending contracted in Education & Training (-4.4%), Electricity, Gas, Water & Waste Services (-2.0%), Transport, Postal & Warehousing (-1.4%) and Wholesale Trade (-0.8%).

By postcode, growth was fastest in Truro 5365 (53.9%), Booleroo Centre 5482 (36.0%), Owen 5460 (32.8%) and Edithburgh 5583 (28.1%).

-4.4%

-2.0%

-1.4%

-0.8%

1.7%

2.1%

2.4%

2.4%

2.5%

5.2%

8.5%

14.7%

23.6%

33.1%

41.9%

-15% -5% 5% 15% 25% 35% 45%




Wholesale Trade




Other Services


Retail Trade

Construction





53.9

%

36.0

%

32.8

%

28.1

%

26.9

%

25.4

%

25.1

%

24.8

%

23.6

%

22.3

%

20.6

%

20.3

%

20.2

%

19.9

%

19.8

%

19.3

%

19.0

%

17.5

%

16.0

%

15.9

%

0%

10%

20%

30%

40%

50%

60%

Trur

o

Boo

lero

o C

entr

e

Ow

en

Edit

hb

urgh

Crys

tal B

roo

k

Rob

erts

tow

n

Mila

ng

Laur

a

Was

leys

Wat

erva

le

Gla

dsto

ne

Port

Ger

mei

n

Wilm

ingt

on

The

Coo

ron

g

Rob

e

Port

Bro

ugh

ton

Mo

nas

h

Kar

oo

nda

Tint

inar

a

Kin

gsco

te

53565482546055835523538152565480540054525473549554855261527655225342530752665223

Top 20 Postcodes by Spending Growth: SA Regional(Q2 2017 spend value on Q2 2017 spend value)

Overall Growth

6.0%

Average Monthly

Spend (Q2) $1,785

Page | 13

WA - PERTH GREATER METROPOLITAN AREA


PERTH GREATER METROPOLITAN AREA



KEY TAKEOUTS

NAB customer spending in the greater Perth metropolitan area (ABS definition) fell -1.3% y/y in Q2 2017, (from -2.8% y/y in Q1 2017), and still weakest of all cities.

But average monthly spending increased $7 to $1,969.

Spending grew for Arts & Recreation Services (42.7%), Accommodation & Food Services (5.7%), Other Services (2.7%) and Professional, Scientific & Technical Services (2.3%).

Spending contracted in all other categories, with the biggest falls in Wholesale Trade (-8.5%), Electricity, Gas, Water & Waste Services (-7.5%) and Transport, Postal & Warehousing (-5.4%).

By postcode, growth was fastest in Mariginiup 6078 (11.6%), Trigg 6029 (10.6%), Singleton 6175 (10.1%) and Mosman Park 6012 (9.3%).

-8.5%

-7.5%

-5.4%

-5.0%

-4.8%

-4.1%

-3.8%

-2.6%

-2.3%

-1.0%

-0.1%

2.3%

2.7%

5.7%

42.7%

‐20% ‐10% 0% 10% 20% 30% 40% 50%

Wholesale Trade





Construction


Retail Trade





Other Services



11.6

%

10.6

%

10.1

%

9.3%

7.8%

6.6%

6.0%

5.6%

4.5%

4.3%

4.2%

4.0%

4.0%

3.8%

3.5%

3.5%

3.4%

3.3%

3.0%

2.9%

0%

2%

4%

6%

8%

10%

12%

14%

Mar

igin

iup

Trig

g

Sing

leto

n

Mo

sman

Par

k

No

rth

Fre

man

tle

Wes

t Pe

rth

City

Bea

ch

Leem

ing

Com

o

Daw

esvi

lle

Wem

ble

y

No

rth

Per

th

Mah

oga

ny C

reek

Ham

ersl

ey

Sout

h Pe

rth

Sorr

ento

Dun

crai

g

Beac

ons

fiel

d

East

Fre

man

tle

Tho

rnlie

60786029617560126159600560156149615262116014600660726022615160206023616261586108

Top 20 Postcodes by Spend Growth: Perth Metro(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth -1.3%

Average Monthly

Spend (Q2) $1,969

Page | 14

WA - REGIONAL (EX. GREATER METRO AREA) GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

REGIONAL WA (EX METRO)



KEY TAKEOUTS

Customer spending in regional WA (ex metro) grew 2.4% in Q2 2017, up from 1.0% in Q1 2017.

Average monthly spending increased $5 to $2,010, and was higher than in metro Perth ($1,969) and the only state where regional exceeded metro.

Spending grew in only 7 of 15 categories - led by Arts & Recreation (39.3%) and Accommodation & Food Services (8.9%).

Customer spending was flat or fell in all other categories, with the biggest falls in Construction (-7.6%), Other Services (-4.4%), Education & Training (-4.1%) and Transport, Postal & Warehousing (-3.0%).

By postcode, spending growth was fastest in Picton 6229 (57.6%), Denham 6537 (47.8%), Woodanilling 6316 (33.9%) and Wyalkatchem 6485 (29.8%).

-7.6%

-4.4%

-4.1%

-3.0%

-2.5%

-2.0%

-0.3%

0.0%

1.5%

1.5%

2.4%

3.1%

3.8%

8.9%

39.3%

-20% -10% 0% 10% 20% 30% 40% 50%

Construction

Other Services










Retail Trade

Wholesale Trade



57.6

%

47.8

%

33.9

%

29.8

%

23.8

%

23.5

%

22.8

%

22.6

%

20.6

%

20.6

%

19.4

%

19.1

%

18.5

%

17.2

%

17.1

%

16.5

%

12.8

%

12.4

%

11.9

%

11.3

%

0%

10%

20%

30%

40%

50%

60%

70%

Pict

on

Den

ham

Wo

oda

nilli

ng

Wya

lkat

chem

Leon

ora

Dal

wal

linu

Kel

lerb

erri

n

Tam

min

Tam

bel

lup

Hal

ls C

reek

Mo

raw

a

No

rth

clif

fe

Wo

ngan

Hill

s

Port

Den

iso

n

Coo

lgar

die

Wyn

dham

Go

om

allin

g

Dru

mm

ond

Co

ve

No

rth

amp

ton

Yarl

oo

p

62296537631664856437660964106409632067706623626266036525642967406460653265356218

Top 20 Postcodes by Spending Growth: WA Regional(Q2 2017 spend value on Q2 2017 spend value)

Overall Growth

2.4%

Average Monthly

Spend (Q2) $2,010

Page | 15

TASMANIA GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

TASMANIA - STATE



KEY TAKEOUTS

Customer spending grew 5.1% y/y in Q2 2017 in Hobart metro (6.2% y/y in Q1 2017), and by 1.6% y/y in regional TAS (2.5% y/y in Q1 2017).

TAS was the only state where customer spending growth slowed in both metro and regional areas.

Average monthly spending rose $28 to $1,873 in Hobart metro and by $31 in regional TAS to $1,736.

Overall spending growth (metro & regional) was fastest for Arts & Recreation (30.7%), Accommodation & Food Services (11.0%) and Administrative & Support Services (10.1%).

It fell in 8 of 15 categories, led by Rental, Hiring and Real Estate Services (-10.4%) and Construction (-10.2%).

By postcode, growth was fastest by some margin in Woodbridge 7162 (69.2%), followed by Scottsdale 7260 (30.7%) and Cygnet 7112 (28.5%).

-10.4%

-10.2%

-8.1%

-4.9%

-4.3%

-0.8%

-0.7%

-0.2%

2.2%

2.4%

4.0%

5.0%

10.1%

11.0%

30.7%

-20% -10% 0% 10% 20% 30%


Construction






Wholesale Trade



Other Services

Retail Trade




69

.2%

30

.7%

28

.5%

25

.3%

23

.1%

22

.5%

20

.7%

15

.3%

13

.1%

10

.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Wo

od

bri

dg

e

Sco

ttsd

ale

Cyg

net

San

dfo

rd

Mo

un

t N

els

on

Cre

mo

rne

Ke

tter

ing

Ad

ven

ture

Bay

Geo

rge

To

wn

Gle

no

rch

y

7162 7260 7112 7020 7007 7024 7155 7150 7253 7010

Top 10 Postcodes by Spend Growth: TAS(Q2 2017 spend value on Q2 2016 spend value)

Growth Metro: 5.1%

Regional: 1.6%

Average Monthly

Spend (Q2) Metro: $1,873

Regional: $1,736

Page | 16

ACT GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

ACT


*postcode level details shown instead of LGAs as ACT does not have separate LGAs. Hall, located within the ACT shares the 2618 postcode with nearby Wallaroo NSW, thus is partially represented outside ACT boundary in the map.


KEY TAKEOUTS

Customer spending in the ACT grew 5.6% y/y in Q2 2017, up from 5.2% y/y in Q1 2017.

Average monthly spending rose $57 to $2,160.

Spending growth was fastest in Arts & Recreation (28.4%), Accommodation & Food Services (13.6%), Financial & Insurance Services (13.4%) and Administrative & Support Services (11.3%).

Customer spending contracted for Wholesale Trade (-6.6%), Education & Training (-4.1%), Information, Media & Telecommunications (-1.1%) and Healthcare & Social Assistance (-0.6%).

By postcode, spending growth was fastest in Hall 2618 (26.9%) and well ahead of the next fastest Gungahlin 2912 (8.9%) and Queanbeyan 2620 (8.8%).

-6.6%

-4.1%

-1.1%

-0.6%

0.4%

0.5%

0.9%

2.0%

3.9%

4.4%

6.6%

11.3%

13.4%

13.6%

28.4%

-20% -10% 0% 10% 20% 30% 40%

Wholesale Trade




Construction



Other Services


Retail Trade






26

.9%

8.9

%

8.8

%

8.2

%

8.2

%

8.2

%

8.0

%

7.4

%

6.5

%

6.3

%

0%

5%

10%

15%

20%

25%

30%

Hal

l

Gu

ng

ahlin

Qu

ean

bey

an

Mo

nas

h

Yar

ralu

mla

Cal

wel

l

Wes

ton

Cu

rtin

Wat

son

Go

rdo

n

2618 2912 2620 2904 2600 2905 2611 2605 2602 2906

Top 10 Postcodes by Spend Growth: ACT(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

5.6%

Average Monthly

Spend (Q2) $2,160

Page | 17

NORTHERN TERRITORY GROWTH IN NAB CUSTOMER SPENDING (percentage change Q2 2017 on Q2 2016)

NORTHERN TERRITORY

GROWTH BY SPENDING (%, Y/Y)


KEY TAKEOUTS

Customer spending grew 4.5% y/y in Darwin metro in Q2 2017 (1.6% y/y in Q1 2017), and by 7.0% y/y in regional NT (3.7% y/y in Q1 2017).

Average monthly spending increased $51 to $1,951 in Darwin metro, but fell $28 to $1,804 in regional NT.

Customer spending in the NT was fastest for Wholesale Trade (36.9%), and Arts & Recreation (33.9%).

Customer spending growth fell sharply for Education & Training (-20.1%), Construction (-19.3%) and Electricity, Gas, Water & Waste Services (-11.5%), with modest falls in Healthcare & Social Assistance (-73.7%), Transport, Postal & Warehousing (-5.6%) and Rental, Hiring & Real Estate (-0.2%).

By postcode, spending growth was fastest in Darwin River 841 (30.2%), Central Desert 872 (25.8%) and Berry Springs 838 (14.5%).

-20.1%

-19.3%

-11.5%

-7.7%

-5.6%

-0.2%

2.7%

5.8%

6.0%

6.3%

9.7%

12.6%

14.4%

33.9%

36.9%

-30% -20% -10% 0% 10% 20% 30% 40%


Construction






Retail Trade



Other Services




Wholesale Trade

30

.2%

25

.8%

14

.5%

11

.6%

10

.0%

9.2

%

8.8

%

7.9

%

6.5

%

3.8

%

0%

5%

10%

15%

20%

25%

30%

35%

Dar

win

Riv

er

Cen

tral

Des

ert

Berr

y Sp

rin

gs

Mat

aran

ka

Kat

her

ine

Bees

Cre

ek

Nig

htc

liff

Lee

Poin

t

Gill

en

Aly

ang

ula

841 872 838 852 850 822 810 815 870 885

Top 10 Postcodes by Spend Growth: NT(Q2 2017 spend value on Q2 2016 spend value)

Overall Growth

Metro: 4.5% Regional: 7.0%

Average Monthly Spend (Q2)

Metro: $1,951 Regional: $1,804

Page | 18

APPENDIX 1

By state, VIC, NSW and QLD contributed around 98% of total growth in NAB customer spending in Q2 2017. WA detracted -3.4% from total spending growth. There were modest contributions from SA (2.8%), ACT (1.8%), TAS (1.0%) and the NT (0.3%).

By region, greater Melbourne and Sydney accounted for just over 50% of total NAB customer spending growth in Q2. Regional NSW, QLD and VIC contributed 39%. All other areas made modest contributions, except greater Perth, which detracted -4.4% from all spending growth.

-3.4%

0.3%

1.0%

1.8%

2.8%

21.2%

36.8%

39.6%

-20% -10% 0% 10% 20% 30% 40% 50%

WA

NT

TAS

ACT

SA

QLD

NSW

VIC

CONTRIBUTION TO GROWTH BY STATE

-4.4%

0.0%

0.1%

0.2%

0.2%

0.2%

0.8%

1.0%

1.3%

1.8%

6.6%

9.2%

14.5%

14.9%

20.2%

30.1%

-15% -5% 5% 15% 25% 35%

Greater Perth

Other Territories

Rest of WA

Rest of NT

Rest of Tas.

Greater Darwin

Greater Hobart

Rest of SA

Australian Capital Territory

Greater Adelaide

Greater Brisbane

Rest of Vic.

Rest of Qld

Rest of NSW

Greater Sydney

Greater Melbourne

CONTRIBUTION TO GROWTH BY REGION

Page | 19

APPENDIX 2

TOP 30 FASTEST GROWING AUSTRALIAN METROPOLITAN LGA’S

TOP 5 FASTEST GROWING METROPOLITAN LGA’S BY STATE SYDNEY % Y/Y MELBOURNE % Y/Y

Lane Cove 13.2 Moorabool 7.5 Hunters Hill 9.5 Wyndham 6.9 Willoughby 8.2 Brimbank 6.8 Randwick 6.9 Greater Dandenong 6.6 Ku-ring-gai 6.5 Maribyrnong 6.0 BRISBANE % Y/Y ADELAIDE % Y/Y

Ipswich 5.0 Salisbury 5.2 Lockyer Valley 4.9 West Torrens 4.2 Somerset 4.9 Mitcham 3.8 Logan 3.4 Prospect 3.5 Brisbane 3.3 Marion 3.2 PERTH % Y/Y HOBART % Y/Y

Mosman Park 9.4 Brighton 9.6 South Perth 4.1 Hobart 7.2 Cambridge 4.0 Kingborough 6.9 East Fremantle 3.1 Derwent Valley 5.8 Fremantle 2.7 Glenorchy 4.3 CANBERRA % Y/Y DARWIN % Y/Y

Unincorporated ACT* 5.2 Litchfield 5.6 Darwin 4.9 * The ACT does not have separate LGAs. Palmerston 2.2

13.2%

9.6%

9.5%

9.4%

8.2%

7.5%

7.2%

6.9%

6.9%

6.9%

6.8%

6.6%

6.5%

6.5%

6.5%

6.3%

6.0%

5.9%

5.8%

5.8%

5.8%

5.8%

5.6%

5.5%

5.3%

5.2%

5.2%

5.1%

5.1%

5.0%

0%

2%

4%

6%

8%

10%

12%

14%

Lane Cove

Brighton

Hunters Hill

Mosman

Park

Willoughby

Moo

rabo

ol

Hobart

Wyndh

am

Randw

ick

Kingbo

rough

Brimbank

Greater Danden

ong

Ku‐ring‐gai

Liverpool

North Sydne

y

Cam

pbe

lltown

Maribyrno

ng

Glen Eira

Blacktown

Dareb

in

Derwen

t Valley

Wollondilly

Litchfield

Hume

Whittlesea

Salisbu

ry

Unincorporated

ACT

Hobsons Bay

Moreland

Canterbury‐Bankstown

NSWTASNSWWANSWVIC TAS VICNSWTAS VIC VICNSWNSWNSWNSWVIC VICNSWVIC TASNSWNT VIC VIC SA ACT VIC VICNSW

Data refers to LGAs with populations of 750 NAB customers or more

Page | 20

TOP 30 FASTEST GROWING AUSTRALIAN REGIONAL LGA’S

TOP 5 FASTEST GROWING REGIONAL LGA’S BY STATE NSW % Y/Y VIC % Y/Y

Walgett 26.4 Loddon 14.1

Glen Innes Severn 17.8 Gannawarra 12.2

Liverpool Plains 17.6 Yarriambiack 11.6

Gwydir 17.3 Hindmarsh 11.4

Lachlan 15.2 Southern Grampians 11.4

QLD % Y/Y SA % Y/Y

Western Downs 16.8 The Coorong 14.6

Banana 14.3 Roxby Downs 14.1

Goondiwindi 13.1 Northern Areas 13.2

Burdekin 13.1 Whyalla 8.1

Whitsunday 12.4 Copper Coast 7.7

WA % Y/Y TAS % Y/Y

Irwin 17.2 Huon Valley 8.1

Karratha 9.4 Central Coast 4.8

Northampton 8.0 Launceston 2.4

Greater Geraldton 6.2 Meander Valley 0.5

Kalgoorlie/Boulder 4.5 West Tamar -0.5

NT % Y/Y TAS % Y/Y

Alice Springs 7.0

26.4%

17.8%

17.6%

17.3%

17.2%

16.8%

15.2%

14.6%

14.4%

14.4%

14.3%

14.1%

14.1%

13.2%

13.2%

13.1%

13.1%

12.4%

12.2%

11.6%

11.6%

11.5%

11.5%

11.4%

11.4%

11.3%

11.3%

10.8%

10.7%

10.6%

0%

5%

10%

15%

20%

25%

30%Walgett

Glen Inne

s Severn

Liverpool Plains

Gwydir

Irwin

Western Dow

ns

Lachlan

The Coorong

Narrabri

Murray River

Banana

Roxby Downs

Lodd

on

Broken Hill

Northern Areas

Goond

iwindi

Burdekin

Whitsund

ay

Gannawarra

Yarriambiack

Isaac

Moree

Plains

Berrigan

Hindm

arsh

Southe

rn Grampians

West Wim

mera

Hinchinbrook

Murweh

Yass Valley

Bellingen

NSWNSWNSWNSWWAQLDNSW SA NSWNSWQLD SA VICNSW SA QLDQLDQLD VIC VIC QLDNSWNSWVIC VIC VIC QLDQLDNSWNSW

Data refers to LGAs with populations of 750 NAB customers or more

Page | 21

APPENDIX 3 NOTES ON NAB’S CUSTOMER SPENDING ESTIMATES Customer spending represents consumption-based spending. Customer spending does not include spending on government services, tax payments, direct to public

manufacturers, mortgage and other credit facility repayments. Customer spending is based on where the customer lives - which may or may not be where the actual spending

activity occurs. Customers without an Australian residential address are excluded. Spending includes both online and offline transactions. Transaction data may include EFTPOS, Credit Card, BPAY, Bank Transfers, Direct Debits and Paypal services where

available. Spending on Health & Community Services excludes spending at HICAPS terminals. Geographic areas have been defined using the ABS Local Government Area (LGA) and Statistical areas in the form

of both Greater Capital City Statistical Area and Statistical Area 4 definitions. All geographic data is defined by 2016 ABS geographic standards from the 2016 census. Where lower tier geographic areas may be assigned to multiple higher tier areas, the spend value is apportioned

using ABS weights. However for definitions (e.g. whether an LGA lays within GCCSA or not, if more than 50% of the LGA lays within a GCCSA it will be defined as part of the GCCSA).

Some postcodes may correspond to several different locality names. Where this is the case, only one locality name will be shown.

Year-on-year spending change represents non-seasonally adjusted change compared to the same quarter in the previous year.

Cut-offs have been applied to remove small area data which may be statistically volatile and may bias estimates of spending. Even with this treatment, regional areas may have greater spending volatility than metro areas. This cut-off does not apply to maps for aesthetic reasons.

Spending may be biased due increased take-up in payment methods such as the use of near field communication terminals/online applications that are growing in preference to cash, particularly in hospitality related sectors.

More details about this measure of customer spending are available upon request.

Page | 22

CONTACT THE AUTHORS Alan Oster Group Chief Economist [email protected] +613 8634 2927 Dean Pearson Head of Behavioural & Industry Economics [email protected] +613 8634 2331 Robert De Iure Senior Economist - Behavioural & Industry Economics [email protected] +613 8634 4611 Brien McDonald Senior Economist - Behavioural & Industry Economics [email protected] +613 8634 3837 Steven Wu Economist - Behavioural & Industry Economics [email protected] +613 9208 2929

Important Notice This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, NAB recommends that you consider whether the advice is appropriate for your circumstances. NAB recommends that you obtain and consider the relevant Product Disclosure Statement or other disclosure document, before making any decision about a product including whether to acquire or to continue to hold it.

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