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AUSTRALIA'S HIGH RATES SUBDUE MANUFACTURING: PWC SURVEY.
SYDNEY, April 1 Asia Pulse - High interest rates continued to keep Australian manufacturing activity subdued in March, a survey says.
The Australian Industry Group-PricewaterhouseCoopers (ASX:PWC) Australian Performance of Manufacturing (PMI) index, released today, fell 0.2 points in March to 51.2, after a 2.2 point rise in February.
Although it remains above the key 50-point level separating expansion from contraction, AI Group chief executive Heather Ridout recent interest rate rises and an uncertain global economic outlook were a drag on manufacturing.
Ms Ridout said the RBA, which meets today, should leave interest rates on hold.
"The lagged effect of higher official and commercial interest rates and the sustained high level of the exchange rate will continue to be felt over the next few quarters," Ms Ridout said in a statement.
"Further action on monetary policy appears increasingly unnecessary."
PricewaterhouseCoopers global leader of industrial manufacturing Graeme Billings said cost pressures continued to "weigh heavily on firms and their margins".
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