FX.co ★ Australia’s Manufacturing Pulse Eases as Judo Bank PMI Slips to 51.5 in February

Australia’s manufacturing sector lost a little momentum in February, with the Judo Bank Manufacturing Purchasing Managers’ Index (PMI) easing to 51.5 from 52.3 in January 2026.

The February 2026 reading, updated on 19 February, still remains above the 50-point threshold that separates expansion from contraction, indicating that the sector continues to grow, albeit at a slower pace than at the start of the year. The moderation from January’s 52.3 suggests a softer rate of improvement in business conditions across Australian factories.

While the headline figure points to ongoing expansion, the slight pullback may signal that manufacturers are facing a more cautious operating environment as 2026 progresses, potentially reflecting softer demand or emerging cost and supply pressures within the sector.