Key findings

• The Australian Industry Index® eased by 5.1 points to -15.0 seasonally adjusted in April.
• Global trade settings, currency volatility, and the federal election all weighed on industrials in April. Short-run indicators improved slightly but forward indicators remain very weak.
• Uncertainty arising from US tariffs is having differential effects on industry. Construction and services are showing improvement, but trade-exposed manufacturing industries continue to weaken.
• The metals and machinery subindustries are showing particular weakness, with uncertainty surrounding tariffs and currency weighing on current performance and future outlook.

The contractionary conditions in the Ai Group Australian Industry Index^® continued but eased in April, lifting 5.1 points to -15.0 points (seasonally adjusted). The index has indicated contraction for the last thirty-four months.