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The Australian Performance of Service Index (Australian PSI) fell slightly by 0.1 points to 31.5 points in June, indicating
another serious contraction in activity and at a similar pace to May. This was the second lowest result in the history of this
series (commencing in 2003), following a record low in April (results below 50 points indicate contraction, with lower
numbers indicating a stronger pace of decline).
In trend term, consumer-oriented services sectors contracted in June. The ‘personal, recreational and other services’
(down 3.4 points to 31.6) ,and 'health & education and community’ (down 4.8 points to 26.2) indices fell to new record
lows in the Australian PCI. The decline in the retail and hospitality (up 1.9 points to 34.7) eased somewhat.
The business-oriented sectors included in the Australian PSI contracted and deteriorated further in June (trend). The index
for Finance & Insurance sector recorded its lowest result in the history of the PSI; the index for logistics (wholesale trade,
transport & storage businesses) declined to its lowest level since February 2009; the business & property sector (down 1.3
points to 31.6) declined to its lowest level since September 2012. Lower index values indicate a faster rate of contraction.
All of the activity indexes in the Australian PSI contracted in June (seasonally adjusted). The rate of decline in inventory levels
(up 7.6 points to 43.6) and sales (up 1.0 points to 28.7) eased slightly, while the rate of contraction for employment (down 4.3
points to 30.9) increased significantly. New orders (down 0.3 points to 30.3) and supplier deliveries (down 0.4 points to 30.9)
contracted slightly more than in May.
The input price index fell significantly in June as a result of lower competition for inputs, surplus stock discounts, the higher
trading range of the Australian dollar and a resumption of some supply chains that had been interrupted. The average wage
price index(down 6.9 points to 38.3) continued to contract and the rate of contraction increased. Selling prices deteriorated
further in June, as deflation pressures pushed the index (down 4.5 points to 34.0) to its lowest level in the history of the
Australian PSI. Capacity utilization fell by 3.3 percentage points to 66.5% of available capacity being used in June. This index
has been historically low for three months, being indicative of depressed demand during this period, and a reduction in general
activity across retail, transport, education, personal and hospitality services.
As the report stated, an easing in activity restrictions and government financial stimulus were having a positive impact on activity.
Infrastructure investment, orders from international customers and the instant asset tax write-off were providing a positive boost.
For a small number of businesses, trade has resumed to pre-pandemic levels.
Reduced demand was overwhelmingly the most prominent factor affecting services businesses in June. Any effect of increased
demand from panic buying has dissipated, the lack of consumer discretionary spending and low demand from the construction
industry all weighed heavily on respondents. For businesses who have had ongoing projects the lack of future projects coupled
with concern regarding government stimulus ending is leading to uncertainty about the future.
