Judo Bank / S&P Global final services and composite PMIs for Australia in October 2024.
The preliminary readings can be found here.
In summary from the report:
- Services sector indicators were stronger than initial ("flash") results, showing improved business conditions at October's end.
- Key activity indicators are in expansionary territory, with signs of strengthening economic activity heading into December.
- Both business activity and employment rebounded since a July low, with new business activity reaching its highest level since interest rate hikes began in 2022.
- Confidence rose in October, though it remains below past highs, indicating cautious optimism for 2025.
- Business cost pressures eased, with input prices at a three-year low, suggesting possible lasting relief from inflation pressures.
- While the final price index rose, it’s still lower than past years, supporting the view that inflation may be easing. Consistency in low levels will be key for inflation to return to target within 12–18 months.
