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Australia’s NAB Business Confidence Index fell to a three-month low of 4 in August 2025, down from an upwardly revised 8 in the prior month, which had been the highest since August 2022. Still, business conditions improved (7 vs 5 in July), aided by steady sales (at 12), stronger profitability (4 vs 2), and higher employment (6 vs 3). Forward orders edged up (1 vs 0), moving into positive territory for the first time in two years, while capacity utilization rose (83.1% vs 82.5%). Meanwhile, purchase costs rose at a quarterly pace of just 1.1%, the slowest since 2021. Retail price growth halved to 0.5%, while labor cost growth eased to 1.5% from 1.9%. NAB’s chief economist, Sally Auld, said regions and industries that had faced headwinds in recent years were showing improvement, boosting confidence that the broader economy is on a stronger trajectory in H2 of 2025. Cyclically sensitive sectors, including manufacturing and retail, also saw gains in both confidence and conditions.