The S&P Global Australia Composite PMI posted 52.1 in October, down from 52.4 in September, signaling continuous monthly growth for just over a year, although October’s expansion was the softest in four months. Growth in new business slowed, with new export orders returning to contraction, while companies continued hiring but at the softest pace in eight months, supporting a marginal reduction in outstanding work. Staffing levels increased at a slower pace despite slower activity growth, reflecting sustained demand for services. Business confidence continued to weaken as firms exercised caution amid uncertain market conditions. Output charges increased at the slowest pace in five years, while cost inflation eased, relieving some margin pressure. Overall, the data indicated that Australia’s services sector continued to expand, albeit at a more moderate rate.