FX.co ★ Australia’s Private Sector Momentum Eases as S&P Global Composite PMI Slips in September

Australia’s private sector growth cooled in September 2026, with the S&P Global Manufacturing & Services PMI easing to 51.40 from 52.70 in August. While the latest reading, updated on 22 September 2026, remains above the 50-point threshold that separates expansion from contraction, it points to a slower pace of month‑over‑month growth.

The August 2026 figure of 52.70 had signaled a more robust expansion compared with the prior month, but September’s moderation suggests activity in manufacturing and services is losing some momentum. On a month‑over‑month comparison basis, the latest data indicate that the improvement in business conditions is still ongoing, but at a more restrained rate than seen in late winter.

Investors and policymakers will be watching upcoming releases closely to determine whether this slowdown marks the beginning of a broader cooling in Australia’s economic trajectory or simply a temporary pause following stronger gains earlier in the quarter.