NAB Monthly Business Survey December 2025

This document is the NAB Monthly Business Survey for December 2025, which reports on business confidence and conditions in Australia. The survey indicates that both business conditions and confidence have increased, with confidence rising by 1 point to 3 index points, while conditions have risen by 2 points to +9 index points. The rise in conditions is attributed to improvements in trading and profitability sub-components. The survey shows that business conditions improved in 7 out of 8 industries, and all states now report positive readings for trend confidence and conditions for the first time in several years. Capacity utilization decreased slightly to 83.2%, remaining above long-run averages. The report also notes that forward orders and capital expenditure have eased, while final prices have accelerated. Overall, the survey suggests that economic momentum remains solid as the year ends, with most indicators showing modest improvements compared to the previous quarter.