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The S&P Global Australia Composite PMI fell to 50.2 in August 2022 from 51.1 in July, signaling a seventh consecutive month of improvement in Australia’s private sector economy, although at the slowest rate of growth in the current positive sequence. Firms who registered lower output levels frequently mentioned that recent interest rate hikes and current inflationary pressures were weighing on demand. That said, composite demand continued to expand in August at a rate ever so slightly quicker than July. Staffing levels continued to increase into August though the pace of job creation eased to a seven-month low. Despite remaining historically sharp, inflationary pressures softened in August with the rates of both input and output cost inflation dipping to six-month lows. Overall business sentiments across Australia's private sector remained positive but were at the lowest since April 2020.

The S&P Global Flash Australia Composite PMI fell to 49.8 in August 2022 from 51.1 in July, hitting the lowest level and contracting for the first time in seven months. The overall decline in Australia’s private sector economy was primarily a reflection of declining service sector activity, although weaker manufacturing output growth was also recorded. A renewed contraction in private sector output was recorded as demand expanded at the joint-slowest pace in seven months. Despite this, August data marked a year-long sequence of increasing workforce numbers, with additional staff contributing to a further decline in backlogged work. Elsewhere, both input and selling price inflation eased to six-month lows but remaining historically severe. Overall business sentiment remained in optimistic territory in August but fell to its lowest level since April 2020.

The S&P Global Australia Composite PMI fell to 51.1 in July 2022 from a final reading of 52.6 in June, marking a sixth consecutive month of expansion in the Australian service sector, although at the slowest rate of growth in the current sequence. Similarly, composite demand growth eased to a six-month low, reflecting a slower rise in new orders across Australia's service sector. Interest rate hikes and the rising cost of living dampened overall demand, according to some survey respondents. Total private sector employment expanded in July and was supported by both monitored sectors. That said, the strength of the upturn eased from June amid reports of voluntary leavers and staff shortages. Meanwhile, inflationary pressures remained severe in July, with input cost inflation remaining historically elevated and selling price inflation surging to a fresh record high. Concerns surrounding prices and future demand levels led business sentiment to slip to a 27-month low.