IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, and Commonwealth Bank , Australia’s largest bank, today announced the launch of the first Flash PMI® for Australia. The index will be published monthly, approximately one week before final PMI data are released worldwide, making the Flash PMI the earliest available indicator of private sector business conditions in Australia.

IHS Markit and Commonwealth Bank have been publishing Purchasing Managers’ Index surveys for Australia’s manufacturing and service sectors since July 2017, using the same methodology as used for IHS Markit’s PMI surveys conducted in more than 40 countries worldwide. The Flash Australia Manufacturing PMI and Flash Australia Services PMI will be based on around 85 percent of total PMI survey responses each month, and will be followed by the regular release of final Australia Manufacturing PMI data on the first working day of every month and final Australia Services PMI data on the third working day of every month.

“The Australia PMI surveys have been providing reliable advance indications of economic growth, employment and price trends since their launch more than a year ago,” said Luke Thompson, managing director, economic indices, IHS Markit. “The new Flash Australia PMI will provide even earlier insight into business conditions and align Australia with Flash PMIs already produced by IHS Markit in the U.S., Eurozone and Japan, thereby providing the first global snapshot of business conditions each month.”

“The rapidly changing economic and financial market backdrop means that the need for up-to-the minute data on the economy has never been greater,” said Michael Blythe, chief economist, Commonwealth Bank of Australia. “The CBA PMI surveys cover manufacturing and services, or close to 75 percent of the Australian economy. The ability to access 80–85 percent of survey results earlier means that a reliable “flash” estimate can be published sooner for this important economic indicator.”

The first Flash Australia Manufacturing PMI and Flash Australia Services PMI will be released at 0900 AEDT on the 24 October 2018.

Subsequent Flash Australia PMI releases will be at 0900 AEDT on the following dates:

•           21 November 2018

•           14 December 2018

•           23 January 2019

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