Energy industry has highest turnover growth in May

Media Release
Released
8/07/2022

Business turnover increased in 11 of the 13 selected industries in May 2022, according to figures released today by the Australian Bureau of Statistics (ABS).

Branko Vitas, head of the business indicators at the ABS, said: "The industry with the largest rise in turnover was Electricity, gas, water and waste services, which increased by 22.9 per cent in May. This increase in turnover in the industry coincided with higher electricity and gas wholesale prices, given rising input costs for producing energy and generator outages."

Index base period: July 2019 = 100.0.

Turnover for the Manufacturing industry rose 5.1 per cent in May, driven by manufacturers of base and precious metals and petroleum and coal products.

Construction turnover also rose by 5.1 per cent, after falling by 9.7 per cent in April, when higher-than-average rainfall impacted business turnover.

The two industries where turnover fell in May were Arts and recreation services (-2.3 per cent) and Professional, scientific and technical services (-0.9 per cent). The decrease in turnover in the Arts and recreation services industry followed increases over six of the previous seven months, following the Delta period lockdowns.

All industries recorded year-on-year increases in business turnover, ranging between 36.4 per cent for Mining and 2.1 per cent for industries grouped together as Other services. Rises in commodity prices, including for coal and natural gas, continue to contribute to relatively high growth in turnover in the Mining industry.

More detailed analysis and information on the methodology is available in Monthly Business Turnover Indicator.

Media notes

  • 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.
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • For media requests and interviews, contact the ABS Media Team via media@abs.gov.au (8.30am-5pm Mon-Fri).
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