The Australian Industry Group Australian Performance of Business Index (Australian PBI) plunged by a further 6.4 points to 39.8 in March – a fourth consecutive month in contraction for the newly published index and the largest single-month drop recorded since February 2009* (results below 50 points in the Australian PBI indicate deteriorating business conditions, with lower numbers indicating a faster pace of deterioration in the month).
This reflects a very sudden and rapid deterioration in Australian business conditions and activity as a result of escalating restrictions in response to the COVID-19 pandemic.
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