Manufacturing sector shrinks for third straight month
Australia’s manufacturing sector shrank for the third straight month and the federal government is being urged to use its May budget to boost the economy.
Manufacturing declined by 3.6 points in February to 45.4 - well below the 50 level that separates expansion from contraction - according to the Australian Industry Group’s performance of manufacturing index on Monday.
Ai Group Chief Executive Innes Willox said it was important that the government used its May budget to boost domestic activity, “including by delivering on the commitment to cut the company tax rate to 28.5% for all companies”.
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