Business turnover rises as COVID-19 restrictions lift
Business turnover rose in nine of the 13 selected industries in October 2021 (seasonally adjusted), in figures released today by the Australian Bureau of Statistics (ABS).
COVID-19 restrictions in New South Wales, Victoria and the Australian Capital Territory eased during the month, contributing to the monthly rises seen in most industries. Accommodation and food services recorded the largest increase (13.8 per cent), followed by Arts and recreation services (4.8 per cent).
Manpreet Singh, head of Business Indicators, said: “The strong monthly rise in Accommodation and food services was driven by some large increases for pubs, clubs and restaurants, as turnover began to rebound from low levels as COVID-19 restrictions eased. Accommodation businesses such as hotels generally saw more modest rises.
“Business turnover in Arts and recreation services also increased as venues, particularly in New South Wales, were able to resume operations.”
Over the 12 month period to October 2021, all 13 industries included in the indicator rose, with Mining recording the largest annual increase (28.5%).
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.
When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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