Manufacturing activity improved in the first quarter of 2013, but it has stopped short of posting positive growth, according to NAB's Manufacturing Activity Index.
In the latest report NAB said the index had inched back into neutral levels, up from -0.3 in the previous quarter.
“This index level implies that there was no growth in quarterly manufacturing activity in Q1,” it said.
Business confidence in the quarter also improved but remained in negative territory, with the survey posting -4, up from -10 in the previous quarter.
“This less negative trend was the key driver behind the Manufacturing Activity Index moving up to neutral levels,” NAB said.