Australian Markit Services PMI for April 56.1 (prior 56.6) & Composite 55.9 (prior 56.2)

Commentary from the report:

• “Australia’s service sector continued to grow strongly in April, according to the S&P Global Australia Services PMI, following the easing of COVID-19 disruptions at the start of the second quarter. The pace of growth accelerated while easing of border restrictions also enabled a surge in foreign demand.
• “Price pressures meanwhile continued to pass through from goods to services, leading to record input price inflation and a strong rise in output prices in the Australian service sector. This continued to impact business sentiment and will be watched for the potential to hamper growth past the unleashing of pent-up demand.”