The Australian Industry Group Australian Performance of Business Index (Australian PBI) lifted by 11.1 points to 44.7 in July, pointing to a further contraction in activity in response to the COVID-19 pandemic but at a slower pace than in recent months (results below 50 points in the Australian PBI indicate deteriorating business conditions, with lower numbers indicating a faster pace of deterioration in the month).
Business conditions remained negative across most sectors in July, but some sectors benefited from an easing of activity restrictions in some locations. All four activity indices in the Australian PBI lifted further towards stabilising (50 points), after reaching record lows in April.
This month’s Ai Group business surveys (Australian PSI®, Australian PCI® and Australian PMI®) were conducted prior to ‘Stage Four’ activity restrictions being announced for Melbourne.
