Business turnover fell in most industries this April
Turnover fell for nine of the 13 selected industries in April, with Mining recording the largest percentage decrease in turnover (-10.6 per cent), according to figures released today by the Australian Bureau of Statistics (ABS).
Kate Lamb, ABS head of business indicators, said: “Nine industries saw a fall in monthly business turnover this month, which hasn’t been seen since July 2021 when COVID-19 Delta cases were on the rise.
“The Mining industry’s fall was led by coal and iron ore miners, as prices for these commodities fell and exports were lower as per International Trade data released yesterday.”
Electricity, gas, water and waste services recorded the second largest monthly fall in turnover (-9.4 per cent), reversing the 9.3 per cent rise in March. This was followed by Transport, postal and warehousing (-6.8 per cent), with lower turnover seen across shipping and freight businesses, as well as airline operators.
Small rises were seen across four industries, led by Accommodation and food services (+1.7 per cent), followed by Retail trade (+1.3 per cent).
“In year-on-year terms, 11 of the 13 industries included in the indicator rose in contrast to the monthly falls,” Ms Lamb said.
“This was led by Construction (+18.0 per cent), Other services (+13.6 per cent), and Accommodation and food services (+11.1 per cent).”
Year-on-year, the only two industries to fall were Mining and Information media and telecommunications (-5.2 per cent and -0.1 per cent respectively).
“This is the first time since January 2022, when COVID-19 Omicron cases peaked, that any industry has recorded negative year-on-year growth,” Ms Lamb said.
The ABS would like to thank the businesses whose data helped produce these statistics.
- All figures in this media release are in seasonally adjusted terms.
- 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 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, which complement the longstanding quarterly measures.
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