Your 10-second guide to today's Australian business confidence report

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This morning the closely-watched NAB business survey for September will be released.

Here’s the state of play:

  • The NAB survey is based on the responses of over 540 firms across Australia’s non-farm business sector.
  • In August there were mixed reads on the business confidence levels and conditions.
  • The headline on business confidence gauge fell to +1 from +4, the lowest level seen since July 2013.
  • The decline came despite the separate business conditions index jumping five points to +11, the highest level since October 2014. In trend terms, that which strips out month-to-month volatility, business conditions now sit at the highest level seen since 2009.
  • Fitting with the increase in the conditions gauge, the survey’s subindices on trading and profitability recorded solid improvements.
  • The gauge on trading conditions jumped to +20 from +12 while that for profitability increased to +12 from +7.
  • With Malcolm Turnbull replacing incumbent Tony Abbott as Australia’s prime minister in September, there are expectations that business confidence will bounce strongly in today’s survey.
  • The last time Australia’s prime minister changed at the 2013 federal election, the NAB’s business confidence measure surged to +12 from +4.

The NAB will release its September survey at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.

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