The NAB business survey for Australia showed steady conditions but weaker sentiment in October 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 at the start of November, coinciding with an increase in policy rates by the RBA.

The survey's business conditions index rose from 12 in September to 13 in October, with respondents reporting stronger trading conditions and profitability but weaker employment and forward orders. The survey also showed weaker price pressures, with its measure of quarterly change in labour costs and purchase costs slowing from September and retail prices increasing at an unchanged pace. The survey's business confidence index fell from 1 to minus 2, with sentiment weakening in most major industries.

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.