MacroBusiness Access Subscriber Only Content at 9:15 am on July 23, 2021 | 8 comments Into the Morrison Idiot recession we go. Remember that vaccines “are not a race” and we do not need to centralise hotel quarantine in the bush. Via Markit comes the crashing Aussie flash PMI: The growth streak for the Australian private sector ended in July according to Flash PMI® data which showed business activity in contraction. Survey respondents signalled that renewed restrictions, brought about by the spread of the Delta variant of the COVID-19 virus, affected demand and output in the country. Business sentiment likewise softened in the month. That said, employment and price gauges remained in growth, albeit showing softer readings compared to June.