Australian factory activity has ramped up to its highest level in almost 15 years, recording its fifth consecutive month of expansion.

The Australian Industry Group's performance of manufacturing index (PMI) jumped 8.1 points to 59.3 in February, above the level of 50 points indicating an expansion in activity.

The Ai Group said the factory activity was at its highest level since May 2002, with printing and recorded media the only subsector to contract in the month.