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Australia’s longest running business survey shows conditions still improving

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The Australian Chamber-Westpac Survey of Industrial Trends results for Q2 2021 were released earlier

  • 63.1 in the June quarter (Q1 was 59.4 & Q4 2020 was 48.7)

A few snippets from WPAC’s commentary to the release:

  • With the activity index firmly above 50, this suggests conditions are expanding at a brisk pace.
  • output and new orders are rising at the fastest rate since late 2018/early 2019
  • rebound is evident across manufacturing
  • construction industry continues to pick up 
  • Equipment investment has also lifted on the Federal Government’s tax initiatives.
  • Exports continue to lag the recovery …  Fragilities in the global trade network and elevated trade tensions remain a headwind.
  • Profit expectations were marked lower … Margins are being squeezed as costs jump, impacted by supply disruptions.
  • Respondents indicate that ‘material’ constraints are limiting production on a scale not seen since the 1970s oil shock. Labour availability is also identified as limiting production. Snap lock-downs are another headwind for the sector and the economy more broadly.

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