FX.co ★ Australia’s Private Sector Sees Strongest Growth Since April 2022

The Composite Output Index experienced an uptick to 55.5 in August, up from 53.8 in July, highlighting the eleventh consecutive month of growth and the most rapid increase since April 2022. Australia's private sector continued to expand robustly, with business activity accelerating broadly across various sectors. New business orders saw their most significant rise in 40 months, partly fueled by a resurgence in exports. Companies increased hiring efforts, effectively reducing the backlog of work. Business confidence showed improvement from July, underscoring optimism regarding the short-term outlook. On the pricing side, both input cost and output price inflation eased during August, suggesting diminished cost pressures. The overall data underscores a resilient and growing private sector in Australia.