The NAB business survey for Australia showed weaker conditions and weaker confidence in August. The survey's business conditions index fell from 6 in July to 3 in August, with respondents reporting weaker profitability, trading conditions and employment and a steady decline in forward orders. The survey also showed slightly stronger increases in purchase costs and retail prices but weaker growth in labour costs.

The survey's business confidence fell from 1 in May to minus 4 in June. Sentiment weakened across most sectors and remains well below its long-run average.

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.