The Australian Industry Group Australian Performance of Services Index (Australian PSI®) rose by 6.6 points to 56.2 points (seasonally adjusted) over the summer holiday period (December 2021 and January 2022*) indicating an improvement in conditions compared to November 2021. This was the highest monthly result in the Australian PSI® since June 2021. Results above 50 points indicate expansion in the Australian PSI®, with higher numbers indicating a stronger expansion.
The Australian PSI® indicated growth in three of the five services sectors (seasonally adjusted). Retail trade & hospitality and the ‘personal, recreation & other services' sector contracted again in December and January, and at a faster pace than in November. All five activity indicators were positive indicating expansion over the summer holiday period.