The Commonwealth Bank Services PMI in Australia was revised slightly lower to 53.1 in June from a preliminary estimate of 53.2 and compared to May's 26.9. Still, the reading pointed to the first expansion in the services sector in five months and the sharpest since November 2018, amid the easing of coronavirus restrictions. New orders returned to growth for the first time since January mainly due to a recovery in sectors such as transportation and tourism while export sales continued to fall albeit at a softer pace. Additionally, the job shedding rate slowed to its weakest in the current five-month sequence. On the price front, both input costs and output prices increased for the first time in three months. Looking ahead, confidence rose to the highest in nine months, built on expectations of a further easing of restrictions, including for international travel.
Services Sentiment in Australia averaged 51.63 points from 2016 until 2020, reaching an all time high of 58.40 points in March of 2017 and a record low of 19.50 points in April of 2020. This page provides - Australia Commonwealth Bank Services PMI- actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Commonwealth Bank Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Markit Economics
Services Sentiment in Australia is expected to be 53.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Sentiment in Australia to stand at 53.50 in 12 months time. In the long-term, the Australia Commonwealth Bank Services PMI is projected to trend around 53.70 points in 2021 and 53.50 points in 2022, according to our econometric models.