The NAB business survey for Australia showed slightly weaker conditions and ongoing weakness in sentiment in April after officials at the Reserve Bank of Australia left policy rates on hold early that month. A separate survey providing more up-to-date consumer confidence data is scheduled for release later in the week.

The NAB survey's business conditions index fell from 16 in March to 14 in April, with respondents reporting weaker trading conditions, forward orders, and profitability, but slightly stronger employment. The survey also shows steady growth in labour costs but a smaller increase in retail prices, broadly in line with the RBA's assessment that price pressures are starting to moderate. The survey's business confidence index rose from minus 1 in March to zero in April, with stronger confidence in parts of the services sector offset by a decline in sentiment in the manufacturing sector.

The National Australia Bank (NAB) Business Survey is based on a survey of around 500 firms across the non-farm business sector on their assessment of current business conditions and their sentiment about the outlook. The survey's business conditions index covers trading, profitability, employment, forward orders, stocks, and exports, with respondents also providing responses on changes in costs and selling prices. The survey is conducted in the second half of each month.

The survey of business conditions and confidence offers timely updates on how Australian companies are performing and reacting to unfolding events including news about the overall economy and policy developments. as well as moves in the stock market and changes in interest rates. Investors can use the data to help forecast economic activity and better understand how business conditions and expectations affect sales, employment, investment and other economic outcomes.