Australia Services PMI

Last Release

Jul 31, 2024

Actual

50.4

Units In

Points

51.2

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
63 Jun 2018	27.1 Apr 2020	50.1 Points	2003-2024	Australian Industry Group

The Australian Industry Group Australian Performance of Services Index (Australian PSI®) is a leading indicator of services activity in the Australian economy. The Australian PSI is a seasonally adjusted national composite index based on the diffusion indices for sales, orders/new business, deliveries, inventories and employment with varying weights. An Australian PSI® reading above 50 points indicates that services activity is generally expanding; below 50, that it is declining. The distance from 50 is indicative of the strength of the expansion or decline. Results are based on a sample of around 200 companies each month.

Latest Updates

The Judo Bank Australia Services PMI Business Activity Index shrank to 49.6 in November, from 51 in the previous month, signaling a contraction in services activity for the first time in ten months. This downturn was primarily attributed to a slowdown in new business growth, which had been solid at the beginning of the fourth quarter but weakened as the month progressed. The drop in new business expansion, along with a fall in export orders, contributed to the overall deceleration in services activity. While domestic demand provided some support, it wasn't enough to offset the declines in other areas. Additionally, backlogs of work continued to deplete, suggesting there was less pressure on business capacity. Despite these challenges, business confidence in the services sector showed some signs of improvement, with optimism rising to the highest level since August 2023, as firms hoped for stronger economic growth in the coming months.