The Australian Industry Group Australian Performance of Services Index (Australian PSI®) fell slightly dropping 0.3 points to 47.7 points (seasonally adjusted) in October 2022 indicating contraction for the second month. Results below 50 points indicate contraction in the Australian PSI®, with lower numbers indicating a stronger rate of contraction.

  • The Australian PSI® indicated contraction in the services sector in October, the second month of declining results.
  • Results were mixed – business & property services showed the strongest month-on-month decline and logistics the largest improvement. Logistics was the only service sector in growth.
  • Sales, deliveries and stocks all indicated substantial deterioration; new orders and employment were positive and improved from September.
  • Services capacity utilisation remained elevated, rising to 79.9%. This reflects tight employment conditions.
  • Wet weather and flooding events, cumulative interest rate increases, and labour shortages were key concerns for businesses.

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