NAB’s July survey: business conditions index up 1 point to 4, still below the long-run level of 7. Confidence stuck at -6, well below February’s pre-Middle East hostilities level. Firms report persistent cost pressures and weak demand; NAB says ongoing uncertainty is weighing on confidence and keeping margins under pressure. Transport and utilities saw the largest pass-through of higher input costs as fuel price swings lifted final prices and procurement costs. The Reserve Bank of Australia meet

NAB’s July survey: business conditions index up 1 point to 4, still below the long-run level of 7. Confidence stuck at -6, well below February’s pre-Middle East hostilities level. Firms report persistent cost pressures and weak demand; NAB says ongoing uncertainty is weighing on confidence and keeping margins under pressure. Transport and utilities saw the largest pass-through of higher input costs as fuel price swings lifted final prices and procurement costs. The Reserve Bank of Australia meets Tuesday; markets expect it to hold the cash rate at 4.35% after three hikes this year.