Australia's May manufacturing PMI stayed at 49.6, indicating contraction; services PMI at 53.1, suggesting expansion; RBA mulls rate hike.
Australia's May manufacturing PMI remained at 49.6, indicating a steady contraction. Services PMI eased slightly to 53.1, still in expansion territory. The latest Reserve Bank of Australia meeting minutes mentioned considering a rate hike. The economy is showing resilience amidst cost pressures and skill shortages, with the government injecting $30bn into household finances in 2024/25 for cost-of-living relief and tax cuts.
May 22, 2024
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