According to S&P Global/Judo Bank data, the seasonally adjusted Australian service Purchasing Managers' Index (PMI) for July was revised down from the previous value of 51.2 to 50.4, confirming the market's expectation of only a slight drop to the initial value of 50.8. This means that the service industry has expanded for six consecutive months, but the growth rate is moderate, and it is the slowest six-month period.

During the period, the new orders of Australian service enterprises fell for the first time in six months, exports declined, and employment growth slowed to the slowest in 19 months. Cost pressures have increased, and charges have grown close to a one-year high.

The final value of the comprehensive PMI for July in Australia was revised down from the previous value of 50.7 to 49.9, confirming the market's expectation of a slight drop to the initial value of 50.2. This means that the local private economy has been in contraction for the first time since January this year, but the magnitude is slight. Both manufacturing and service industry new orders have declined, and the decline in exports is the most severe in nearly four years. Overall employment continues to grow, but the growth rate is the lowest in nearly three years. Input costs and output charges inflation pressures have risen, reaching 16-month and 5-month highs, respectively. Private enterprises remain optimistic about their prospects, and confidence levels have slightly improved since a low point in June.