Business conditions were little changed in March, and confidence remained in the negative territory, while the road ahead is paved with uncertainties amid recent developments in global trade, according to a survey by National Australia Bank (NAB) published Tuesday.

The business conditions index came in at 4 in March, compared with 3 in February. Weaker trading conditions and employment offset an improvement in the profitability subcomponent, per the survey.

The business confidence index came in at negative 3, compared with negative 2 in February. By industry, confidence in finance, property and business services, manufacturing, wholesale, and construction declined, while that in mining, retail, recreation and personal, and transport improved.

"Confidence remains in negative territory and well below the long-run average," said NAB chief economist Sally Auld.

"This was before the reciprocal tariff announcements in early April, which may flow through to forward-looking measures in the next survey," Auld added.