Australia’s S&P Global Australia Composite PMI rose to 50.4 in April 2026, moving back above the 50.0 no-change mark following a first reduction for a year-and-a-half in the previous month at 46.6. The increase in output reflected growth in services business activity, climbing to 50.7 as sustained job creation supported output, while manufacturing production declined for a third straight month amid supply disruptions and weaker demand. New orders fell for a second consecutive month, reflecting uncertainty and rising fuel costs linked to the Middle East conflict, though services exports showed slight growth. Inflationary pressures intensified sharply, with input costs surging to multi-year highs, prompting firms to pass through higher prices to customers. Employment increased overall, led by services hiring, while manufacturing shed jobs. Meanwhile, business confidence weakened to its lowest level in nearly two years, weighed down by persistent cost pressures and uncertain demand.