The Commonwealth Bank Composite PMI for Australia came at 26.4 in May 2020, contracting at a slower rate compared to a reading of 21.7 in April, preliminary data showed. The latest reading pointed to the second steepest contraction in the private sector, amid tentatives of easing coronavirus lockdown restrictions. Services activities shrank at a softer pace (PMI at 25.5 vs 19.5 in April) while factory output dropped to an-all time low (PMI at 42.8 vs 44.1 in April). New orders continued to fall substantially and the firms reduced their staffing levels for a fourth successive month. Finally, confidence rose sharply to the highest in eight months, as firms expect output to increase over the coming year as restrictions are lifted and conditions gradually return to normal.
Composite Pmi in Australia averaged 51.87 points from 2016 until 2020, reaching an all time high of 58.30 points in March of 2017 and a record low of 21.70 points in April of 2020. This page provides - Australia Composite Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Commonwealth Bank Composite PMI - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Markit Economics
Composite Pmi in Australia is expected to be 25.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Composite Pmi in Australia to stand at 47.00 in 12 months time. In the long-term, the Australia Commonwealth Bank Composite PMI is projected to trend around 50.50 points in 2021 and 52.00 points in 2022, according to our econometric models.