Analysts at TD Securities note the NAB Business Survey for August is going to be the key economic release for Tuesday’s Australian session.

• “The softening in the employment subcomponent from -5pts to 0 drove business conditions lower by 2 pts with retail and manufacturing under pressure. Tax cuts may help to boost confidence but we think global growth/trade concerns are more likely to have dominated.
• The main components of the July survey that registered drops were trading conditions -1pt, employment -5pts, forward orders -3pts, and capacity utilization from 82.1% to 80.9%.”