Australia data – May services PMI 52.1 (prior 53.7) | Forexlive

Judo Bank / S&P Global Australia PMI data for May 2023, final:

Services 52.1

• preliminary was 51.8

• prior 53.7

Composite 51.5

• flash was 51.2

Last week we had the final manufacturing number:

From the commentary in the report, RBA outlook with the policy meeting tomorrow:

• The latest Judo Bank PMIs highlight the resilience of the
  Australian economy and the underlying strength of the
  business sector despite all the challenges of recent years.
  The results also point to elevated price pressures in the
  services sector, which are likely to keep inflation above
  the RBA target for the foreseeable future.
  
• The implication is that the RBA may not have finished
  increasing interest rates in 2023. Inflation over the year to
  April remains high at 6.8%. The economy needs to slow
  down substantially if inflation is to be brought under
  control and take pressure off the cost of living. A pick-up
  in the domestic services sector is not what the RBA wants
  to see at this point.
  
• We could expect to see two further rate hikes over the
  next 3-4 months. In the absence of a collapse in economic
  activity, we are unlikely to see a reduction in the RBA’s
  cash rate in the 2023/24 financial year.