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Australia’s NAB Business Confidence Index jumped to 5 in June 2025 from 2 in May, improving for the third straight month and marking the highest print since January. It is now in line with the long-run average. Business conditions rebounded strongly (9 vs 0 in May), driven by solid gains in sales (15 vs 5), profitability (4 vs -5), and employment (3 vs 1). Conditions strengthened in most industries, with manufacturing and retail experiencing the biggest upturns after steep declines in May. Forward orders rose (0 vs -2), capital spending jumped (10 vs 6), and capacity utilization was higher (83.3% vs 82.3%). Input cost pressures persisted, with purchase costs up (1.5% vs 1.2%), though still within the mid-2024 range, and labor cost growth eased slightly (1.5% vs 1.7%). Product price growth edged up to 0.6%, but retail price growth eased to a 2-year low of 0.6%. “The survey is encouraging that sluggish momentum in early 2025 will improve into the second half,” said NAB’s Gareth Spence.