Manufacturing activity contracted significantly in April as conditions weakened amid a strong Australian dollar, intense import competition, high energy costs and weak local confidence.
The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) fell 7.7 points to 36.7 on a seasonally adjusted basis. (Readings below 50 indicate a contraction in activity with the distance from 50 indicative of the strength of the decrease.)
This is the lowest level the Australian PMI® has recorded since May 2009, with many of the key sub-indexes also dropping to levels not seen since 2009. The three-month moving average in April fell to 42.2 points from 43.4 points in March
http://www.scribd.com/doc/138785833/pmi-final-report-april-2013-pdf
Check out the full report, but in essence:
Production and capacity utilisation both collapsed,
New orders and exports both collapsed,
Employment collapsed,
Everything collapsed!!
There is not one iota of good news here. Keep in mind this is BEFORE the proposed tax hikes, public sector cuts (Qld another 33% of public sector jobs to go), rise in medicare levy, ballooning budget deficit...
We are about to experience the GFC we missed 5 years ago....it is now not a question of if, rather than when...