Navigate to Campaigns > Performance Max campaign > Insights and reports > Search terms. The report shows search categories (grouped themes) rather than individual queries. For individual query-level data, export the Search Terms report at campaign level. Google has been expanding query transparency for PMAX over time; the individual query view provides more actionable data than the category view.
Look for high-spend categories with zero or low conversion rates. Common waste categories in Australian PMAX campaigns include informational queries ('how to', 'what is'), competitor brand terms (if you are not running conquest intentionally) and category mismatches. Add these as campaign-level negative keywords via the Account Negative Keyword List.
If the Search Insights report shows your products appearing for queries that don't match your product titles, your feed titles may be missing key attributes. For example, products appearing for 'womens running shoes size 10' when your title only says 'Running Shoes' means adding gender, type and size to product titles would improve relevance and ROAS.
A Performance Max campaign uses a single campaign with multiple asset groups. Each asset group targets a product category or audience segment. The structure is simple but the asset quality is what drives results.
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TPR Media explains the Performance Max Search Insights report for Australian advertisers: how to access individual query data, identify and exclude waste, and use query mismatch data to improve product feed titles and targeting relevance.