Australia Macro Updates

The One Stop Portal for Australia Macroeconomic Data. Simplified and Summarized!

We simplify and summarize key data so that you don’t have to spend hours reading confusing and long media releases. Read key economic releases and major events here in under 2 minutes. And we will explain the key takeaway for you. Stay informed and form a robust view on macroeconomic matters to aid your successful investment decisions

9th Jun 2026

NAB Business Confidence Index

Key takeaway: The NAB Monthly Business Survey for June 2026, released yesterday on July 14, delivered a third consecutive monthly improvement in confidence and the most encouraging cost picture since before the Middle East conflict began — though the survey’s window of collection has already been overtaken by a fresh escalation in the Strait of Hormuz. Business confidence rose nine points to -5 index points, recovering much of the collapse recorded in March and marking the most significant month-on-month improvement since early 2023, while business conditions held steady at +3 for a third consecutive month — still below the long-run average of +7 but no longer deteriorating. The standout result was on costs: purchase cost growth slowed sharply to 2.0% in quarterly equivalent terms, down from April’s alarming 4.5% spike, product price growth eased further, and retail prices fell for the first time in seven years — a genuinely notable disinflation signal that NAB Chief Economist Sally Auld said suggests the Middle East conflict’s inflationary impact on Australia has so far been less severe than feared. Underlying activity indicators were mixed: profitability improved two points to break even, forward orders edged up one point to zero, and employment eased one point to +1, while capacity utilisation held steady at 82.0%, remaining below its recent peak of 83.2% recorded in December 2025. The critical caveat, as flagged by market observers, is that the survey was conducted before Iran’s announcement of a potential reclosure of the Strait of Hormuz sent Brent crude back near its June highs — meaning June’s soft cost readings and improved confidence may prove to be a brief respite rather than a durable turning point, and the RBA, which has already raised rates three times this year to 4.35% and explicitly left the door open to further tightening, is unlikely to take much comfort from data that was generated during a ceasefire window that no longer holds.

9th Jun 2026

Key takeaway: The NAB Monthly Business Survey for May 2026, released on June 9, delivered a tentative stabilisation after months of deterioration — but the underlying picture remains fragile, with conditions still well below average and confidence deeply negative. Business confidence rose 10 points to -14 index points in May — a meaningful bounce from April’s -24 — while business conditions held flat at +3 index points, remaining below their long-run average for the third consecutive month. Forward orders rose 5 points and capital expenditure lifted 6 points, suggesting some tentative stabilisation in leading indicators after both had fallen sharply in March and April, though capacity utilisation edged down to 81.9%, dropping below 82% for the first time in 12 months. The most encouraging aspect of the May release was on costs: purchase cost growth eased to 2.6% in quarterly equivalent terms from April’s alarming 4.5%, labour cost growth edged down to 1.5%, product price growth slowed to 0.9%, and retail price growth eased to 1.5% — a broad-based softening that NAB’s Gareth Spence said suggests the Middle East cost shock, while significant, has been less disruptive than first feared. Despite the improvement, confidence remained negative across most industries, with retail and wholesale the weakest, and the employment index falling below its long-run average — a forward signal that sits uncomfortably alongside the April labour force data showing the unemployment rate rising to 4.5%, and one that will weigh on the RBA’s assessment of how quickly the labour market is softening.

12th May 2026
Key takeaway: The NAB Monthly Business Survey for April 2026, released on May 12, showed the post-conflict deterioration in activity finally catching up with what sentiment had been signalling since March. Business conditions fell a further three points to +3 index points — their second lowest level since 2020 — effectively reversing all the improvement recorded through 2025, with trading conditions and employment both softening and capacity utilisation edging down to 82.5%. Business confidence partially recovered, rising five points to -24, but remained deeply negative, and forward orders fell a further four points in April, now down eleven points since February and sitting well below average — while capital expenditure logged its sharpest one-month decline of the post-COVID period. The most alarming aspect of the survey was the cost picture: purchase cost growth surged to a quarterly-equivalent pace of 4.5% in April, running 3.8 percentage points ahead of final product price growth at 1.8%, a margin squeeze that NAB’s Gareth Spence said showed activity starting to shift after holding up in March. Taken together, the April survey marked a clear inflection point — the resilience in conditions that had cushioned the March confidence shock has now given way, and with cost pressures still accelerating and forward indicators deteriorating, the survey points squarely to a weaker growth outlook for the June and September quarters.

14th Apr 2026
Key takeaway: The NAB Monthly Business Survey for March 2026, released today (April 14), delivered a dramatic result dominated by the outbreak of the Iran conflict. Business confidence fell 29 points to -29 index points in March — the second largest monthly fall in the survey’s history, with declines of this magnitude previously only seen during the Global Financial Crisis and the onset of COVID-19. Business conditions held up comparatively better, easing only marginally to +6 index points — just below the long-run average of +7 — with the employment indicator actually rising 3 points to its highest since July 2024, though a 2-point fall in trading and 3-point fall in profitability more than offset that gain. The cost and price pressures were immediately visible: purchase cost growth in quarterly terms more than doubled to 3% and product price growth rose to 1.1%, while forward orders fell 6 points to -1, erasing the gains made so far through 2026. NAB chief economist Sally Auld noted the divergence between confidence and conditions was not surprising given the scale of the global shock, but cautioned that if the decline in confidence is sustained in coming months, conditions will likely follow.

10th Mar 2026

Key takeaway: The latest NAB Monthly Business Survey showed that business conditions in Australia remained unchanged at +7 in February, broadly in line with the long-run average. Within the survey, the sales index increased slightly to +12, while profitability remained steady at +4 and the employment index edged lower to +3. However, business confidence declined by 5 points to -1, moving back into negative territory for the first time in almost a year. The deterioration in sentiment appears to reflect increased caution among firms following the recent increase in interest rates by the Reserve Bank of Australia and ongoing uncertainty about the economic outlook. Taken together, the latest survey suggests that business activity has remained relatively stable, although the decline in confidence indicates that firms have become somewhat more cautious about the outlook for economic conditions

27th Jan 2026

Key takeaway: The latest data from NAB showed the Business confidence index moved slightly higher from +2.0 in November to +3.0 in December. Business Conditions, on the other hand, increased from 7.0 to 9.0. Generally, both business confidence and conditions have bucked the trend seen in early 2025 and have posted recent improvements. We had seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and weak Building Approvals prints. However, in the 2nd and 3rd quarters overall business activity has remained resilient. Similarly, household spending has also been resilient in the 3rd and 4th quarter of 2025. Both Business Confidence and Conditions Indexes have continued building up. Monthly inflation has risen for 3 continuous months. The RBA has also commented that economic activity in Australia has been resilient so far. The RBA has also commented on the lack of slack in the economy with generally high capacity utilization rates.

11th Nov 2025

Key takeaway: The latest data from NAB showed the Business confidence index moved slightly lower from +7.0 in September to +6.0 in October. Business Conditions, on the other hand, increased slightly from 8.0 to 9.0. Generally, both business confidence and conditions have bucked the trend seen in early 2025 and have posted recent improvements. We had seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and weak Building Approvals prints. However, in the 2nd and 3rd quarters overall business activity has remained resilient. Both Business Confidence and Conditions Indexes have continued building up. Monthly inflation has risen for 3 continuous months. The RBA has also commented that economic activity in Australia has been resilient so far and has dialled back expectations of further rate cuts. Housing prices in Australia had also posted some sharp gains in recent months with interest rates coming down. The RBA has also commented on the lack of slack in the economy with generally high capacity utilization rates. Purchase cost growth slowed from 1.1% to 1.0% in quarterly equivalent terms. Labour cost growth remained steady at 1.5%.

14th Oct 2025

Key takeaway: The latest data from NAB showed the Business confidence index moved up from +4.0 in August to +7.0 in September. Business Conditions, on the other hand, remained unchanged at 8.0. Generally, both business confidence and conditions have bucked the trend seen in early 2025 and have posted recent improvements. We had seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and weak Building Approvals prints. However, in the 2nd and 3rd quarters overall business activity has remained resilient. Monthly inflation has printed higher in July and August. The RBA has also commented that economic activity in Australia has been resilient so far. Purchase cost growth slowed from 1.3% to 1.1% in quarterly equivalent terms. Labour cost growth also moderated from 1.6% to 1.5%. Final product price growth increased from 0.5% last month to 0.7% in quarterly equivalent terms.

9th Sep 2025

Key takeaway: Business confidence slipped from +8.0 in July to +4.0 in August. Business Conditions, on the other hand, moved higher with the Index moving from 5.0 to 7.0. Generally, both business confidence and conditions have bucked the trend seen in early 2025 and have posted recent improvements. We had seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and weak Building Approvals prints. However, in the 2nd and 3rd quarters overall business activity has remained resilient. Purchase cost growth slowed from 1.3% to 1.1% in quarterly equivalent terms. Labour cost growth also moderated from 1.9% to 1.7%. Final product price growth decreased from 0.8% last month to 0.6% in quarterly equivalent terms.

12th Aug 2025

Key takeaway: Business confidence improved further in the month of July with the headline Index improving from -+5.0 to +7.0. Business Conditions, on the other hand, moved lower with the Index moving from 7.0 to 5.0. The Business Conditions Index was also revised lower from 9.0 to 7.0 in the previous month of June. Nonetheless, both business confidence and conditions have bucked the trend seen in early 2025 and have posted recent improvements. We had seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and weak Building Approvals prints. The increases in confidence and conditions are hence a welcome change. Purchase cost growth edged slightly up to 1.5% in quarterly equivalent terms. Labour cost growth also increased from 1.5% to 2.1%. Final product price growth increased from 0.5% last month to 0.9% in quarterly equivalent terms, while retail price inflation also accelerated from 0.5% to 1.1%.

8th Jul 2025

Key takeaway: Business confidence improved further in the month of June with the headline Index improving from -+2.0 to +5.0. Business Conditions also spiked higher with the Index moving from 0.0 to 9.0. The sharp increase in business confidence and conditions bucks the trend that has been seen so far in 2025. We have seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and weak Building Approvals prints. The latest sharp increase was hence a welcome surprise – though monthly data tends to be volatile. Purchase cost growth rose from 1.2% last month to 1.5% in quarterly equivalent terms. Labour cost growth decreased from 1.7% to 1.5%. Final product price growth increased from 0.5% last month to 0.6% in quarterly equivalent terms, while retail price inflation slowed to 0.6%. Even with the sharp increase, both business confidence and conditions remain relatively weak relative to average levels.

10th Jun 2025

Key takeaway: Business confidence improved a bit in the month of May with the headline Index improving from -1.0 to +2.0. The Index remained below its long term average. Business Conditions, on the other hand,  worsened slightly in May with the Index moving from 2.0 to 0. The decline in business conditions has been in line with the broader trend seen since the start of 2025. We have also seen a steady stream of weaker data in the Australian economy in the form of weak consumption spend, private capital expenditures and a weaker Building Approvals print in April. Purchase cost growth eased from 1.7% last month to 1.1% in quarterly equivalent terms. Labour cost growth increased from 1.5% to 1.7%. Final product price growth decreased from 0.8% last month to 0.5% in quarterly equivalent terms, while retail price inflation held steady at 1.2%. Overall both business confidence and conditions remain relatively weak relative to average levels.

13th May 2025

Key takeaway: Business confidence improved a bit in the month of April with the headline Index improving from -3.0 to -1.0. The Index remained in negative territory though and also below its long term average. Business Conditions, on the other hand,  eased slightly in April with the Index moving from 4.0 to 2.0. This survey was conducted about 3 weeks after Trump’s Liberation Day which explains some of the modest moves in the Index. Yet, the survey also showed a sharp decline in capex, a decline in profitability and softer forward orders. Purchase cost growth increased from 1.4% last month top 1.7% in quarterly equivalent terms. Labour cost growth held steady at 1.5%. Final product price growth increased from 0.5% last month to 0.8% in quarterly equivalent terms, while retail price inflation also picked up to 1.4%. Overall both business confidence and conditions remain relatively weak relative to average levels. The RBA will have this at the back of its mind as it meet next week for its monetary policy decision.

8th Apr 2025

Key takeaway: Business confidence was mostly flat in the month of March with the headline Index falling from -2.0 to -3.0. The Business Conditions also remained static at 4.0. This survey pertains to the month of March and does not capture sentiment post the tariff turmoil of early April. Purchase cost growth was steady at 1.4% in quarterly equivalent terms. Labour cost growth slowed slightly to 1.5%. Final product price growth was also steady at 0.5% in quarterly equivalent terms, while retail price inflation softened slightly. Overall current business conditions remained steady but the pick up in business confidence seen in January was not sustained and remains below average levels.

11th Feb 2025

Key takeaway: Business confidence declined significantly in February with the Index falling by 6 points to -1.0 from +5.0 in January. However, Business Conditions improved in February reversing last month’s decline. Business Conditions improved by 1 point to +4.0. Purchase cost growth rose  from 1.1% to 1.5% in quarterly equivalent terms. Labour cost growth slowed slightly from 1.7% to 1.5% in quarterly equivalent terms. Final product price growth also slowed from 0.8% to 0.5% in quarterly equivalent terms, while retail price inflation was unchanged at 1.0% in quarterly equivalent terms. Overall current business conditions remained steady but the pick up in business confidence seen in January was not sustained and reversed in February.

11th Feb 2025

Key takeaway: Business confidence rose significantly in January with the Index rising to +4.0 from -2.0 in December. However, Business Conditions declined in January reversing last month’s gains. These moves saw Confidence and Conditions converge after an extended period of divergence over the past 2 years. Business Conditions eased in January down 3 points to +3.0. Purchase cost growth eased to 1.1% in quarterly equivalent terms, down from 1.4% last month. Labour cost growth picked up slightly to 1.8% in quarterly equivalent terms. Final product price growth was steady at 0.8% in quarterly equivalent terms, while retail price inflation ticked up to 0.9% in quarterly equivalent terms.

28th Jan 2025

Key takeaway: Business confidence largely rose in December reversing the sharp fall seen in the previous month of November. The Index increased from -3.0 in November to -2.0 in December.The Index still remains well below average as it has been for an extended period. The Business Conditions Index rose sharply from 2.0 to 6.0, largely reversing the losses of the previous month. Price pressures continued to abate. Labor cost growth remained flat at 1.4% in December in quarterly equivalent terms.

  • The Business Confidence Index increased to -2.0 in Dec (Nov : -3.0)
  • The Business Conditions Index decreased at 6.0 in Dec (Nov : +2.0)

10th Dec 2024

Key takeaway: Business confidence fell sharply in the month of November reversing the gains we had seen in the previous month. The Index decreased from 5.0 in October to -3.0 in November and once again below average as it has been for an extended period. The Business Conditions Index also fell sharply from 7.0 to 2.0. Price pressures continued to abate. Labor cost growth eased from 1.9% in October to 1.4% in November in quarterly equivalent terms and stayed at the same level in November. The overall report showed that Business confidence and conditions softened considerably in November. This also ties in with the relatively weak GDP prints out of Australia.

  • The Business Confidence Index decreased to -3.0 in Nov (Oct : +5.0)
  • The Business Conditions Index decreased at 2.0 in Oct (Oct : +7.0)

12th Nov 2024

Key takeaway: Business confidence jumped in the month of October as the Index increased from -2 in September to 5.0. After having been in a below average range for an extended period, the latest rise was a welcome sign – even though it is only 1 month of data. Business Conditions Index remained unchanged at 7.0, around the long term average level. Price pressures continued to abate. Labor cost growth eased from 1.9% in September to 1.4% in October in quarterly equivalent terms. Similarly, purchase cost growth eased from 1.3% to 0.3%. Overall, the data points continue to point to a picture of resiliency in the Australian economy.

  • The Business Confidence Index increased to 5.0 in Oct (Sep : -2.0)
  • The Business Conditions Index unchanged at 7.0 in Oct (Sep : +7.0)

8th Oct 2024

Key takeaway: Business conditions and confidence, both rose in the month of September. Business Conditions Index rose from 4 to 7 and was around the long term average level. Confidence on the other hand, even though higher from last month, remained in negative territory and also below the long term average. Forward orders remained weak. Price pressures continued to abate in both survey wide and retail sector price growth. However, input cost growth remained higher than output price growth suggesting that business margins are being pressured.

  • The Business Confidence Index increased to -2.0 in Sep (Aug : -5.0)
  • The Business Conditions Index increased to 7.0 in Sep (Aug : +4.0)

10th Sep 2024

Key takeaway: Business conditions dropped back below average in August after a brief uptick in July. The Index on Business Conditions fell from 6 in July to 3 in August. The drop was mostly driven by a fall in the employment component. Overall business confidence also decreased from 1 to -4. Forward orders remained weak. Price data suggests that inflation continues to be a more stubborn issue in Australia compared to the rest of the world.

  • The Business Confidence Index decreased to -4.0 in Aug (Jul : +1.0)
  • The Business Conditions Index decreased to 3.0 in Aug (Jul : +6.0)

9th Jul 2024

Key takeaway: Business conditions continued their long running decline in June as well. The Index on Business Conditions fell from 9 in March to 7 in April to 6 in May and now 4 in June. However, overall business confidence climbed from -2 to 4. Business conditions fell 2pts to +4 index points and are now clearly below the long-run average. The fall was driven by declines in employment (down 6pts to 0 index points) and profitability indices (also down 1pt to +2 index points) while trading conditions were broadly flat at +10 index points. Firms continue to remain concerned about the future even though the current economy is seen as resilient. The latest survey data also continues to show that costs are easing, but overall inflation still remains stubbornly high in Australia.

  • The Business Confidence Index increased to 4.0 in Jun (May : -2.0)
  • The Business Conditions Index decreased to 4.0 in Jun (May : +2.0)

13th May 2024

Key takeaway: Business conditions further declined in April. The Index on Business Conditions fell from 9 in March to 7 in April. However, overall business confidence was unchanged with the Index staying at 1. The overall business confidence remained weak compared to historical trends. Firms continue to remain concerned about the future even though the current economy is seen as resilient. The new orders index fell from -1 to -7. The fall in forward orders was driven by mining, manufacturing and construction. Retail and wholesale forward orders were also negative, adding to the pessimistic outlook. Inflation continues to remain a challenge for the Australian economy. The latest survey data though showed that labour costs eased from 1.7% to 1.5% in quarterly equivalent terms and purchase cost growth also slowed from 1.5% to 1.2%. Employment declined as well.

  • The Business Confidence Index was unchanged at 1.0 in Apr (Mar : +1.0)
  • The Business Conditions Index decreased to 7.0 in April (Mar : +9.0)

8th Apr 2024

Key takeaway: Business conditions marginally declined in March. The Index on Business Conditions fell from 10 in February to 9 in March. However, overall business confidence rose slightly from 0 to 1. On the balance though, business confidence remained weak compared to historical trends. Firms continue to remain concerned about the future even though the current economy is seen as resilient. The new orders index gained from -3 to -1. Inflation continues to remain a challenge for the Australian economy. The latest survey data though showed that labour costs eased from 2.0% to 1.6% in quarterly equivalent terms and purchase cost growth also slowed from 1.8% to 1.4%.

  • The Index increased from 0.0 in Feb to 1.0 in Mar

11th Mar 2024

Key takeaway: Business conditions generally rose in February. The Index on Business Conditions moved up from 7 to 10. However, overall business confidence remained low with the headline index moving from 1 to 0 in February and the new orders index moving down from -2 to -3. Inflation continues to remain a challenge for the Australian economy with labour costs and purchase costs still high at 2.0% quarterly rate.

  • The Index decreased from 1.0 in January to 0.0 in February

 

The NAB Business Confidence Index is a key measure of business confidence in Australia, published monthly and quarterly by National Australia Bank (NAB). It is a component of the bank’s business survey, which covers hundreds of Australian companies to assess business conditions in the country. The index is closely watched to gauge the overall condition of the Australian economy. It has been published since 1997. The index is based on data collected from a survey of around 350 companies. A level above zero indicates improving conditions; below indicates worsening conditions.

NAB Business Confidence Survey