The S&P Global Australia Manufacturing PMI was revised lower to 51 in February 2026 from a preliminary of 51.5, the lowest reading in four months, compared to 52.3 in January. The reading showed that manufacturing conditions improved at a softer pace and manufacturing sector expansion softened. Incoming new orders from both domestic and foreign sources rose at slower rates, which led to a mild contraction in output. Also, employment growth decelerated amid an absence of capacity pressure, while inventory levels fell alongside a loss of confidence. Meanwhile, supply conditions further worsened in February, though rates of inflation eased slightly since the start of the year.