Australian business conditions fell in the first quarter, while confidence remained in the negative territory despite an improvement, according to a survey by National Australia Bank (NAB) released on April 17.

The business conditions index fell 1 point to positive 2 points. All three sub-components declined.

By industry, conditions deteriorated most in mining, transport and utilities, financial, property and business services, and wholesale, per the report. Retail conditions improved but remained negative.

Meanwhile, the confidence index improved 1 point to negative 4 index points. Confidence among retailers nearly touched the positive territory after a significant improvement during the period.

Other forward-looking indicators, such as capital expenditure plans, declined in signs that businesses remained cautious during the first quarter, NAB said.