Australian Services Sector Activity Continues to Expand

The Australian services sector continued to expand in November, with incoming new business and activity both rising, albeit at softer rates. Business confidence reached its highest level in 30 months, according to the latest report from S&P Global.

Despite the positive outlook, firms remained cautious about raising charges, even as cost inflation intensified. The seasonally adjusted Judo Bank Australia Services PMI Business Activity Index came in at 50.5 in November, just above the neutral 50 mark, and lower than last month's figure of 51.0. This marks the tenth successive monthly expansion in services activity.

Meanwhile, the composite PMI rose above the neutral 50 mark to land at 50.2 in November, unchanged from October, indicating a second successive marginal rise in private sector output.