Still decent, though:
Flash Australia Composite PMI Output Index: 52.6 (Apr: 53.0), 3-month low
Flash Australia Services PMI Business Activity Index: 53.1 (Apr: 53.6), 3-month low
Flash Australia Manufacturing PMI Output Index: 48.9 (Apr: 48.6), 8-month high
Flash Australia Manufacturing PMI: 49.6 (Apr: 49.6), joint 9-month high
Wazza Hogan reckons:
“The Flash PMI report points to resilience in Australia’s business sector despite ongoing cost pressures and skill shortages. Most impressive has been the ability for businesses to navigate this difficult operating environment as well as weak consumer spending.
With the Government injecting more than $30bn into household finances in 2024/25 through cost-of-living relief and tax cuts, Australian businesses should be expecting to see some improvement in consumer spending.”
Not if we get your three more hikes, matey.
