Business turnover continues to rise in March
The Monthly Business Turnover Indicator increased in 12 of the 13 selected industries in March 2022 (seasonally adjusted), according to figures released today by the Australian Bureau of Statistics (ABS).
Branko Vitas, Head of the Business Indicators Branch, said “The easing of COVID-19 density restrictions in most jurisdictions allowed entertainment and hospitality venues and events to operate at higher capacities in March, which led to rises for Arts and recreation services (18.3 per cent) and Accommodation and food services (5.9 per cent).”
Electricity, gas, water and waste services rose 7.3 per cent in March, with electricity retailers seeing strong increases in turnover as electricity prices and demand rose across most regions.
Wholesale trade was the only industry to record a fall in turnover in March, decreasing by 4.2 per cent, following strong rises in January and February.
All industries have recorded year-on-year increases in business turnover, ranging from rises of 6.0 per cent for Construction, to 38.6 per cent for Mining. Rises in commodity prices, including coal, natural gas and iron ore, have contributed to higher turnover in the Mining industry over the past 12 months.
More detailed analysis and further information on the statistical methodology is available in Monthly Business Turnover Indicator.
- The Monthly Business Turnover Indicator is derived using Australian Taxation Office (ATO) Business Activity Statement (BAS) data from monthly remitters.
- Monthly BAS reporting covers businesses with GST annual turnover of $20 million or more and a proportion of smaller businesses that report on a voluntary basis.
- The latest data is for the month ending 31 March 2022.
- The indicator includes 13 of the 19 industry divisions classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006, and provides timely and frequent insights into economic activity.
- When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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