Australian business confidence remains deeply pessimistic, -24 in April (prior -29)

AI summary

<p>Australian business confidence edged up to -24 in April from -29 in March but remained deeply negative, as surging energy costs squeezed margins and conditions fell to their lowest since 2020, NAB data showed.</p><p class="font-claude-response-body break-words whitespace-normal leading-[1.7]">Summary:</p><ul class="[li_&]:mb-0 [li_&]:mt-1 [li_&]:gap-1 [&:not(:last-child)_ul]:pb-1 [&:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3"><li class="font-claude-response-body whitespace-normal break-words pl-2">NAB's business confidence index improved marginally to -24 in April from -29 in March, remaining deeply negative after March's second-largest monthly drop in the survey's history</li><li class="font-claude-response-body whitespace-normal break-words pl-2">Business conditions fell 3 points to +3, the second-lowest reading since 2020 and the fourth consecutive monthly decline</li><li class="font-claude-response-body whitespace-normal break-words pl-2">Forward orders dropped a further 4 points in April, down 11 points since February and well below long-run averages; capital expenditure fell 8 points in the largest such drop of the post-COVID period</li><li class="font-claude-response-body whitespace-normal break-words pl-2">Purchase costs rose at a quarterly pace of 4.5%, significantly outpacing selling price growth of 1.8%, while retail price growth accelerated sharply to 3.2% from 0.6%</li><li class="font-claude-response-body whitespace-normal break-words pl