Australia NAB Business Confidence Drops to -13 in September as Headwinds Mount

Australia's National Australia Bank Business Confidence Index slid 4 points from -9 to -13 in September, falling 18 points below its long-run average into the lowest 5% of historical readings. The decline marks the third consecutive monthly drop, pressured by elevated interest rates following RBA hikes to 4.60%, higher fuel and input costs, and global uncertainty. Meanwhile, headline business conditions held flat at -1. Underlying metrics worsened as the employment sub-index slid 3 points to a five-year low, though capacity utilisation remained tight at 82.3%, only slightly down from 82.5%.