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AUSTRALIAN RETAIL ACTIVITY PICKS UP IN JULY.
SYDNEY, Aug 2 Asia Pulse - Almost one-in-three companies reported higher demand in July, reflecting improved retail activity arising from recent federal government tax cuts and family payments, an index reported today.
The Australian Industry Group - PricewaterhouseCoopers Australian Performance of Manufacturing Index (PMI) improved in July, supported by higher demand and a long pipeline of new orders.
On a seasonally adjusted basis the July Australian PMI rose to 53.5 points, an increase of 2.9 points on the June result which points to annual manufacturing growth of around two per cent.
A PMI reading above 50 indicates that manufacturing activity is expanding.
Almost one-in-three companies reported that demand had risen, reflecting improved retail activity arising from the recent tax cuts and family payments, as well as a low rise in exports, the report said.
Economists have said that federal government tax cuts - plus a $600 child payment to almost two million families - acted as a retail stimulant in the July periods.
Production and delivery growth also lifted in July, while employment growth remained steady, the report found.
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Source: HighBeam Research, AUSTRALIAN RETAIL ACTIVITY PICKS UP IN JULY.