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Australia – Mar Performance of Services Index
07/04/2020 11:46 am MYT
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The measures to contain the spread of Covid-19 are taking a toll on businesses in the Australian service sector. The seasonally adjusted Performance of Services Index (PSI) for Mar plunged 8.3 ppts to 38.7%, representing the lowest monthly result since Mar 2009. Meanwhile, its three-month moving average fell to 44.4% – see figure 1.

 

All of the activity indexes in the Australian PSI contracted in Mar – see table 1. Sales and new orders contracted the most in Mar. Meanwhile, supplier deliveries continued its contraction at an even faster pace. Both the employment and inventories indexes shrank in Mar, but at a slower pace.

 

 

Among the business-oriented services sectors, the finance and insurance sector managed to remain in expansion mode in Mar, even though the expansion rate eased – see table 2. Meanwhile, all three consumer-oriented sectors contracted.

 

 

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As extreme and unpredictable weather conditions increase in frequency, the impact of climate change has become more apparent and will become even more so in future. Therefore, it is not surprising that in a recent international survey, over half of 16- to 25-year-olds reported feeling very or extremely worried about climate change. While it is easy to feel small before such a great challenge facing the earth, any positive action, no matter how small, by individuals collectively, can bring significant positive impact to our delicate environment. So, instead of feeling despair and doing nothing, everyone can contribute to improving the situation by doing small things like picking up the rubbish on our way to work, use recycle bags instead of plastic bags when shopping, not to let the tap water run while brushing our teeth, etc. Just start committing to small positive changes now and encourage others to do so.
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