Industry profits decline in 2023-24
Operating profits fell 8.6 per cent in 2023-24, according to data released today by the Australian Bureau of Statistics (ABS) that provides new detail on the conditions businesses faced in 2023-24.
Robert Ewing, ABS head of business statistics, said: “Tough operating conditions saw operating profits fall in seven out of nineteen industries.”
“The drop in profitability in 2023-24 reflects an economy responding to inflationary pressures, higher interest rates, and lower global demand in key sectors.”
“While some industries benefited from stabilising input costs and strong domestic economic activity, others were impacted by weaker export conditions and higher labour costs.”
“The Australian Industry figures published today highlight how businesses have adapted to a complex economic environment.”
The Mining industry saw operating profit fall by $66.7b, as prices moderated from the highs of 2022-23. The high LNG, thermal coal, and spodumene (Australia’s main lithium mineral) prices seen in the previous year, unwound as global demand stabilised.
Falls were also seen in operating profits for the Agriculture, forestry and fishing industry (down $11.2 billion), and Rental, hiring and real estate services (down $12.3 billion).
The largest rise in operating profit was reported by the Transport Industry ($19.4b). A large rise was also reported by the Construction industry (up $5.9 billion), with a large number of new and ongoing infrastructure projects driven by high government investment.
Australian Industry data for the 2023-24 financial year is available now with estimates of income, expenses, labour costs and profit for all industries in Australia. Australian Industry provides more comprehensive and detailed information than earlier publications about the 2023-24 year, thanks to businesses providing more information to the ABS on an annual basis.
This will be supplemented by the additional release of detailed Construction industry data on 24 June 2025 at 11.30am AEDT.
The ABS would like to thank businesses for their continued support in responding to our surveys.
Media notes
- The reference period for this collection was, in general, the 12 months ending 30 June 2023. Where businesses were unable to supply information on this basis, an accounting period for which data can be provided was used.
- All figures in this media release are in current prices.
- All figures relate to industries in scope of the Australian Industry publication.
- When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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