The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) increased a further 2.5 points to 55.7 points (seasonally adjusted), indicating a stronger pace of expansion in March 2022 and suggests further recovery underway. This was the highest monthly result for the Australian PMI® since July 2021. Results above 50
points indicate expansion, with higher results indicating a faster rate of expansion.

Five of the six manufacturing sectors included in the Australian PMI® reported positive trading conditions (results over 50 points, seasonally adjusted) during March, with buoyant conditions reported by manufacturers in the machinery & equipment, building materials, and TCF, paper & printing products sectors. The large food & beverage sector remained in contraction in March.