“Australia’s services industry contracted in October for a ninth straight month, reinforcing the central bank’s decision last month to cut its benchmark interest rate, a private survey showed.
The performance of services index was 42.8 in October compared with 41.9 in September,Commonwealth Bank of Australia (CBA) and the Australian Industry Group said in Sydney today. Fifty is the dividing line between expansion and contraction.
The Reserve Bank of Australia last month ended a three- meeting pause in rate reductions as it seeks to revive demand in industries outside a resource boom that policy makers say may crest at a lower level than previously expected. The strength of mining investment has boosted the local currency, which in turn has hurt tourism, education and retail industries.”
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