8142.0 - Business Operations and Industry Performance, Australia, Preliminary, 1997-98  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 27/05/1999   
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May 27, 1999
Embargoed: 11:30 AM (AEST)

Australian industries show over $100 billion profit

Preliminary estimates show the operating profit before tax for all Australian industries was $106.7 billion in 1997-98, according to a publication released today by the Australian Bureau of Statistics (ABS).

The finance and insurance industry reported the largest profit of $32,833 million, and also the largest increase from 1996-97, $3,127 million. The manufacturing industry was the next highest profit maker with $13,597 million, a decrease of $72 million from 1996-97. The average profit for all industries in Australia was $128,000 while capital expenditure increased by 18.7% in 1997-98.

In 1997-98, employment increased by 472,000 people (7.4%). Just over a quarter of this increase in employment came from the property and business services industry which employed an additional 126,000 people.

The next highest recruiting industries were the retail trade industry and accommodation, cafes and restaurants which both employed an additional 85,000 people. While the number of businesses for retail trade increased from 1996-97, the accommodation, cafes and restaurants industry remained unchanged.

Total operating income was $1,191,779 million at the all industries level in 1997-98, an increase of 7.5% ($83,489m) from 1996-97. Total operating expenses was $1,090,682 million at the all industries level in 1997-98, and increase of 7.7% ($77,860m) from 1996-97.

Approximately 23,000 public and private sector businesses were included in the survey. This preliminary publication also contains a range of industry performance indicators, including industry ratios and business averages as well as selected aggregates on operating income and expenses, profit, assets and liabilities, and capital expenditure.

Further details are available in Business Operations and Industry Performance, Australia, Preliminary 1997-98 (cat. no. 8142.0) available from ABS bookshops.