Australian Chamber-Westpac Survey of Industrial Trends | June 2019
The Australian Chamber–Westpac Survey of Industrial trends, Australia’s longest running business survey dating from 1966, provides a timely update on manufacturing and insights into economy-wide trends.
The Westpac–AusChamber Actual Composite index declined to 61.5 in June from 61.8 in March. The Composite remains at a positive level but suggests that the loss in momentum from mid-2018 has persisted into mid-2019.
The reading for the Composite index is supported by rising output, albeit at a slower pace; new orders; backlog; and overtime. However, employment levels stagnated over the past three quarters. The Australian economy has slowed to an annual growth pace of 1.8%, the softest result since the time of the GFC – September 2009. Private demand is contracting but this is being offset by solid public spending.