June 2021 - OVERVIEW
Manufacturing grows at record pace in June
The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) rose by 1.4 points to 63.2 points (seasonally adjusted) and a new series high in June. This was the ninth consecutive month of recovery for the Australian PMI® following the severe disruptions of COVID-19 in 2020. This was the highest monthly result since the Australian PMI® commenced in 1992. Results above 50 points indicate expansion, with higher results indicating a faster rate of expansion.
All seven of the activity indicators expanded in June, although four moderated slightly from the previous month. The Australian PMI® capacity utilisation index reduced slightly from its series high in April and May 2021.
Across the manufacturing sectors, food & beverages, machinery & equipment, building materials and chemicals all reached record highs in June (trend). Respondents attributed surging activity to: strong demand from the construction and agricultural industries; improved exports; local customers seeking local suppliers; low interest rates; and end of financial year sales.
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