The NAB business survey for Australia showed a further deterioration in confidence but steady conditions in March. The survey's business conditions index was unchanged at plus 4, with respondents reporting slightly weaker trading conditions, slightly weaker profitability conditions, less pronounced weakness in forward orders and steady employment.The survey also showed a smaller increase in labour costs and retail prices.

The survey's business confidence fell from minus 1 in February to minus 3 in March. Sentiment weakened across most sectors, perhaps reflecting concerns that price pressures will prevent substantial policy easing in coming months. The survey was conducted prior to the changes to US trade policies announced by President Trump and the subsequent market volatility.

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.