NAB business conditions turn negative for first time since 2020, survey shows

NAB’s Q3 2026 business survey showed conditions slipped into contraction, with the conditions index down 3 points to -2. Confidence improved from the prior quarter’s slump, rising 8 points to -11, still well below the long-run average. Profitability weakened as sales margins fell 4 points to -20, the lowest level since June 2020. Cost pressures intensified: purchase costs rose 1.2% quarter-on-quarter versus a 0.5% increase in final product prices. Labor strains persisted, with labor cost growth at 1.2% quarter-on-quarter; 29% of firms cited labor as a significant output constraint. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. NAB — National Australia Bank Ltd. published the original content used to generate this news brief on September 24, 2026, and is solely responsible for the information contained therein. (C)