Australia’s Industry Index plunged to -24.2 in September from a revised -1.6 in the previous month, underscoring mounting uncertainty as volatile prices and market conditions stifle investment, orders, and planning. Firms reported growing difficulty accessing finance, while cost pressures stayed high amid a second wave of fuel and downstream price rises that reignited inflation. The activity/sales indicator collapsed 28.5 points to -31.0, returning to deep contraction, and employment fell back into negative territory at -15.6, erasing August’s gains. New orders dropped 22.4 points to -35.9, reversing prior improvements, while input volumes weakened to -12.9. Input prices eased 10.6 points to 56.8, yet sales prices rose 13.0 points to 13.6, hinting at improved cost pass-through. The gap between input and sales prices remained wide at 43.2 points, leaving margins under strain despite partial relief.