As you’d expect:
The latest Commonwealth Bank Flash Composite PMI® signalled an improvement in growth momentum during July as the economic recovery from the coronavirus disease 2019 (COVID-19) downturn continued. Business activity increased at the fastest pace since April 2017, with the overall expansion driven by a sharp rise in services activity. Total new orders also increased in spite of falling exports. Meanwhile, employment decreased for the sixth month running.
Remember that PMIs are directional not positional so this only tells you that things are getting better not from where.
Hence it will not register VIC’s problems. Full report.