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Australia’s NAB Business Confidence Index slipped to 1 in November 2025 from 6 in the previous month, marking the weakest reading since April. At the same time, business conditions softened (7 vs 10 in October), retreating from their highest level since March 2024, as declines in sales (12 vs 18) and profitability (4 vs 9) offset relatively stable employment (4 vs 3). Despite softer sentiment, capacity utilisation edged higher to 83.6%, the strongest in 18 months, suggesting firms continue operating near full capacity. Price indicators also firmed, with growth in purchase costs rising at a quarterly pace of 1.3% and retail prices climbing 0.8%. “Overall, the survey continues to tell us that businesses are capacity constrained, and if economic growth accelerates further from the current starting point, we may quickly see additional pressure on prices,” said NAB Chief Economist Sally Auld.