Australian manufacturing notches up one whole year of expansion

The Australian manufacturing sector experienced its 12th consecutive month of growth, according to the Australian Industry Group’s Performance of Manufacturing Index for June.

The PMI recorded an overall result of 51.8 for the month, announced on the eve of the federal election, up slightly from May’s 51.0.

Any result above 50 indicates expansion.

The sustained expansion period is the best since September 2006, and has been assisted by the lower Australian dollar, which is nearer to its historical average that during the mining investment boom.

“It was a year in which manufacturers took advantage of the boost to competitiveness from the lower Australian dollar both in the domestic market and in export markets,” said Ai Group chief executive Innes Willox in a statement.

Six of eight sub-sectors were above-50, led by petroleum & chemical products 62.1 results.

“The metal products sub-sector, which has been heavily impacted by adverse global conditions in recent times, recorded its first expansion since September 2010,” added Willox.

 

 

Leave a Reply