Overall profits fall as Mining weakens

Operating profits saw an overall fall of 1.9 per cent in 2024-25, according to the latest data released by the Australian Bureau of Statistics (ABS). 

Tom Lay, ABS head of business insights and statistics said: ‘There were mixed impacts across Australian businesses, as five industries reported falls in profits and fourteen industries recorded a rise in profits.’ 

‘The overall fall in profitability was driven by the mining industry which recorded strong falls in operating profits for the second year in a row’ 

Operating profits in the mining industry were down $32.9b (-19.1 per cent) which follows a fall of $71.5b (-29.4 per cent) in 2023-24. The fall in profits was driven by reduced global demand for coal and iron ore, which resulted in falls in prices. Spodumene (Australia’s main lithium mineral) price falls also contributed to the weak result. 

The Rental, Hiring and Real Estate Services industry had the biggest rise in 2024-25, with a $20.2b increase in Operating Profits. Rising transaction volumes, occupancy rates and commissions across commercial and residential properties contributed to this rise.  

Health Care and Social Assistance (Private) increased operating profit by $6.0b, benefitting from increasing numbers of childcare enrolments, aged care clients and National Disability and Insurance Scheme participants. A large rise was also recorded by Construction (up $5.2b), driven by growth in Building construction, as demand increased for non-residential buildings. 

Australian Industry data for the 2024-25 financial year is available now with estimates of income, expenses, labour costs and profit for all industries in Australia. 

Australian Industry provides a more comprehensive and detailed Industry overview than earlier publications about the 2024-25 year, thanks to businesses providing more information to the ABS on an annual basis. 

The ABS would like to thank businesses for their continued support in responding to our surveys.