Australia posts upbeat business activity in May

Australia’s gauge of business activity had posted another increase to reach a historic peak in May. The jump was attributed mainly to upbeat sales, profits, and employment, which only indicates the country’s stability to withstand coronavirus restrictions in Victoria.

The country’s index of business conditions gained 5 points to see a 37 reading in May. This then followed after the index advanced 8 points the previous month, with the country’s sectors all posting an expansion.

While capacity utilization was seen subdued, last week’s data still showed an increase in gross domestic product. The country’s GDP recorded a 1.8% jump in the first quarter, which indicates that the Australian economy had finally reached its pre-coronavirus levels.