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Australia PMI April 2024

Australia: Service sector in Australia shows moderate growth

The Judo Bank Australia Services Purchasing Managers’ Index (PMI) fell to 53.6 in April from 54.4 in March. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in services sector operating conditions compared to the previous month.

Central to the sustained improvement in services activity was an increase in new business inflows. Additionally, the expansion in new business and activity led to a marginal increase in backlogged work, prompting Australian service providers to increase their employment levels, particularly in the consumer services sector.

On the price side, overall input prices continued to rise, extending the trend of inflation to just under four years. However, service sector firms were hesitant to fully pass these costs on to consumers, resulting in output price inflation easing to a three-month low. Meanwhile, business sentiment remained positive, with a significant proportion of panelists expressing optimism about the year ahead.

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