A key Australian economic indicator measuring manufacturing production saw improvements last month as tax cuts announced in this year’s budget begin to filter into the economy, it was reported at the weekend.
According to the Australian Industry Group and PricewaterhouseCoopers, tax cuts were cited as the main force behind an increase in the Australian Manufacturing Index to 53.5 points from 50.6 points in June.
“Almost one in three firms reported stronger demand, up from around one in five in the previous month, partly reflecting improved retail activity arising from recent Federal Government tax cuts,” the AIG report stated.
The Australian government announced a package of tax cuts in May totalling some A$37 billion (US$26.03 bn).
The manufacturing index is based on a survey of production, new orders, deliveries, inventories and employment at more than 200 firms.
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