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Australia PMI June 2024

Australia: Services PMI falls in June

The Judo Bank Australia Services Purchasing Managers’ Index (PMI) fell to a five-month low of 51.2 in June from 52.5 in May. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in services-sector business activity compared to the previous month.

June saw slower growth in new business and activity levels due to softer market conditions. Notably, new export business declined for the first time since March. In response, job creation softened. Meanwhile, the transport and storage sector was the fastest-growing sub-sector in terms of new business and activity.

Regarding prices, input cost inflation declined to a 33-month low. That said, service providers continued to raise their selling prices. Lastly, business optimism remained positive, yet the level of optimism dipped to its lowest in seven months due to concerns over the broader economic outlook and persistently elevated prices.

Matthew De Pasquale, economist at Judo Bank, commented:

“Despite the dip in June, we anticipate that activity will continue to expand over the coming months as government cost of living support and tax cuts flow through to households and business activity.”

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