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Australia’s NAB Business Confidence Index rose to 2 in May 2025 from -1 in April, turning positive for the first time since January and marking its highest level in four months. Sentiment strengthened in most sectors except manufacturing, mining, and wholesale. However, business conditions eased again (0 vs 2 in April), reflecting a steady fall since late 2024. Employment deteriorated (0 vs 4), profitability stayed negative (at -4), and sales slowed (5 vs 6), with retail and manufacturing seeing the largest declines. Forward orders edged up (-2 vs -3), capital spending surged (6 vs 1), and capacity utilization was higher (82.3% vs 81.4%). Purchase cost growth moderated (1.1% vs 1.7%), while labor costs gained slightly (1.7% vs 1.6%). Product price growth fell to 0.5%, with retail price growth steadying at 1.2%. “Business conditions remain weak. If this continues in the coming months, it will be difficult for confidence to rise from current levels,” said NAB Chief Economist Sally Auld.