Omicron impacts business turnover
Seasonally adjusted business turnover decreased in ten of the thirteen selected industries in January 2022, according to figures released today by the Australian Bureau of Statistics (ABS).
Branko Vitas, Head of the Business Indicators Branch, said that in January, some industries were impacted by consumer caution and restrictions as COVID-19 cases rose.
"Arts and recreation services recorded the largest fall (10.6 per cent) in monthly turnover compared to December 2021," Mr Vitas said.
“This went alongside a 6.6 per cent decrease in Accommodation and food services, with food and beverage businesses generally experiencing falls in business turnover.”
Wholesale trade recorded the largest rise in business turnover in January (7.1 per cent). Petroleum wholesalers generally reported higher turnover as petrol prices rose, while agricultural wholesalers benefitted from a bumper crop season (also seen with rising cereal exports – see International Trade in Goods and Services).
The latest results also show that despite most industries seeing falls in business turnover between December 2021 and January 2022, all selected industries (except Other services) had higher turnover compared to January 2021.
- The latest data is for the month ending 31 January 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.
- For media requests and interviews, contact the ABS Media Team via email@example.com (8.30am-5pm Mon-Fri).
- Subscribe to our media release notification service to get notified of ABS media releases or publications upon their release.