The Australian Industry Index fell slightly by -3.1 pts to -22.2 seasonally adjusted in March.

• Uncertainty factors – particularly disruptions caused by US trade policies, forex volatility and the Australian federal election – are now affecting industrial markets and activity.
• While cost pressures further ease the sales price indicator has fallen to neutral, indicating ongoing pressure on industrial margins.

• The activity/sales indicator contracted further in March, falling further by -7.7 pts to -31.5. The trend data points to falling industrial activity over the first quarter of 2025.
• Manufacturing and construction both performed poorly in March. While the construction indicator has improved since late 2024, manufacturing continues to point to entrenched contraction.