FX.co ★ Australia’s Private Sector Slips Back Into Contraction as S&P Global PMI Falls Below 50 in October

Australia’s combined S&P Global Manufacturing & Services PMI slid into contraction territory in October 2026, signaling a renewed soft patch for private sector activity. The index dropped to 47.70 in October from 51.30 in September, on a month‑over‑month basis, according to data updated on 22 October 2026.

The September reading of 51.30 had indicated modest expansion in business activity across manufacturing and services, but the fall below the 50.0 threshold in October points to a reversal of momentum. On a comparative basis, the “Actual” October figure reflects a weaker performance versus the previous month, whereas the “Previous” figure captures September’s improvement over August.

The shift from expansion to contraction suggests that business conditions deteriorated over the latest month, with the headline PMI highlighting a broad-based cooling across Australia’s private sector at the start of the final quarter of 2026.