Australian PMI Data Confirms Slowdown Is Gathering Pace SYDNEY--Australian business activity contracted in May, with new orders falling at their fastest pace since September 2021, according to the latest S&P global flash PMI data. The headline seasonally adjusted S&P Global Flash Australia PMI composite output index came in at 47.8 in May, dipping below the crucial 50.0 mark that separates growth and contraction, down from 50.4 in April. The decline marked the second contraction in three months.