In August, Australia's services sector saw continued and accelerated growth, as indicated by the latest Judo Bank survey, which reported a services PMI of 52.5. This is an improvement from July's 50.4, and it further surpasses the threshold of 50 that separates expansion from contraction.
Driving the recent enhancement in service sector conditions was a solid increase in new business. Following a brief decline in July, new services business grew robustly in August. Export business also recovered, showing growth after downturns in June and July.
According to anecdotal evidence, the recent expansion in new business inflows was supported by an expansion of customer bases and business development efforts. Sector-specific data highlighted that companies in the information and communication sector experienced the most significant increase in new sales.
