The NAB business survey for Australia showed showed steady conditions and improved sentiment in July 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 showed consumer sentiment weakened slightly at the start of August.

The NAB survey's business conditions index fell slightly from a revised level of 11 in June to 10 in July, with respondents reporting steady trading conditions, employment, and profitability and slightly less weakness in forward orders. The survey, however, showed stronger price pressures, with its measure of quarterly change in labour costs, purchase prices, and retail prices all picking up from June. The survey's business confidence index rose from a revised level of minus 1 in June to 2 in July, with solid confidence in the manufacturing sector and parts of the services sector offset by weak sentiment in the retail and wholesale trade sectors.

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.