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Economic Buzz: Australia's private sector slips into contraction amid rising costs and weak demand
24-Mar-2026 10:53
Australia's private sector saw a downturn at the end of the first quarter of 2026, according to the latest flash PMI data from S&P Global. Business activity dropped to 47.0 in March, falling below the 50 mark that signals growth and ending a 17-month expansion streak. This was the sharpest decline since late 2023.

The slowdown was mainly driven by the services sector, which contracted for the first time in over two years. Manufacturing output also dipped slightly. Businesses reported weaker demand, partly due to global uncertainty and disruptions linked to the Middle East conflict.

New orders fell for the first time since July 2024, although only marginally. However, export demand showed strength, growing at its fastest pace in over three and a half years, especially in manufacturing.

Cost pressures intensified significantly, with input prices rising at their highest rate in more than three years. Firms passed on some of these costs to customers, pushing selling prices up at the fastest pace since August 2023.

Employment growth slowed, and manufacturers cut jobs at the quickest rate since October 2024. Business confidence also weakened, hitting a 20-month low due to concerns about future demand.

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