Australian Industry Index®

The Australian Industry Index® is representative of the modern industrial ecosystem. It brings together the manufacturing, construction, engineering, technology and business services sectors – industries which together account for 36% of the Australian economy.

Recognising the heritage and importance of the Australian PMI® and Australia PCI®, both will continue as sub-indicators available within the Australian Industry Index®, however, there will no longer be separate release dates for these indexes.

The Australian Industry Index® is published on the first working Wednesday of each month (or the following working day if the Wednesday is a national holiday): Australian Industry Index release dates 2026


May 2026: Energy uncertainty weighs on new orders

Key findings

  • The Australian Industry Index® remained weak in May with the index declining to -26.5 seasonally adjusted.
  • Industrial conditions remained weak due to the energy crisis, which is weighing heavily on new orders. Firms report widespread delays in investments while the future path of energy markets is uncertain.
  • Cost pressures remained elevated but eased slightly, while weaker selling price growth points to limited pricing power. Wages growth picked up, adding to ongoing labor cost pressures.
  • Metals manufacturing rose in response to supply disruptions, but other branches reported weak conditions. Business services – hitherto less affected by the energy crisis – reported a material downturn as investment uncertainty began to impact in May. 

Economic Intelligence newsletter

April 2026

In the April edition of Economic Intelligence we cover:

    • A crisisforward budget for an uncertain economic environment: Our research note explores how the May Budget navigates the trade‑offs posed by the energy crisis, balancing short‑term emergency spending pressures with longer‑term spending and tax reform to support economic stability and recovery by 2027.
    • Tracking Australian industry: Geopolitical conflict heightened concerns about stagflation; policy settings continued to weigh on household spending; labour market resilient in March; differences in employment trends across occupations; industrial construction remained soft; and investment growth was driven mainly by data centre projects.
    • Q&A with AustralianSuper: The Investment Team at AustralianSuper share their views on the drivers of the investment markets.
    • Economic Forecasts: The Treasurer’s modelling shows the Middle East conflict could trigger either a brief, contained oil‑price shock with temporary inflation effects or a longer‑lasting rise in prices that keeps inflation elevated and weakens growth for at least next three years.

    Detailed Index Data

    Our reports and time series data for the Ai Group Australian Industry Index® are available free of charge to members at any time via email from our economics research team economics@australianindustrygroup.com.au. Our data is available to non-members on an annual subscription basis or a one-off purchase. Our data subscribers receive the report and time series data for the activity index, sector and selected states via email each month.

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    Australian Industry Group is the peak membership body for Australian industry, linking you to the insights, services and expertise you need to be successful. As a member of Australian Industry Group, you are part of a powerful, credible and experienced industry community.