AUD News

The service sector in Australia continued to expand in September, and at a slightly faster rate, the latest survey from the Australian Industry Group revealed on Thursday with a Performance of Service Index score of 51.5.

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The construction sector in Australia continued to contract in September, and at a faster rate, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Construction Index score of 42.6.

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Australia's consumer confidence weakened to the lowest level in more than four years in October despite interest rate reductions, survey results from Westpac showed Wednesday. The Westpac-Melbourne Institute Index of Consumer Sentiment dropped to 92.8 in October from 98.2 in September. This was the lowest score since July 2015.

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Australia's leading index that indicates the likely pace of future economic activity weakened further in September, the Westpac reported Wednesday.

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The services sector in Australia continued to expand in October, and at a faster rate, the latest survey from the Australian Industry Group revealed on Tuesday with a Performances of Services Index score of 54.2.

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Australia's central bank maintained its key interest rate, on Tuesday, after cutting the rate by a quarter point in October.

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The construction sector in Australia continued to contract in October, albeit at a slightly slower rate, the latest survey from the Australian Industry Group revealed on Thursday with a seasonally adjusted Performance of Construction Index score of 43.9.

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Australia's wage price growth slowed in the September quarter, figures from the Australian Bureau of Statistics showed on Wednesday.

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Reserve Bank of Australia Deputy Governor Guy Debelle said the lower wage growth has become the new normal. Around 80 percent of firms expect stable wage growth over the year ahead and only about 10 percent anticipate stronger wage increases. "This supports the case that lower wage rises have become the new normal."

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The manufacturing sector in Australia fell into contraction in November, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Manufacturing Index Score of 48.1.

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