Industry overview

In 2022-23, on a quality adjusted hours worked basis:

• Nine of the sixteen market sector industries recorded a decline in KLEMS MFP.
• The largest fall in KLEMS MFP was in Accommodation and food services, while the largest KLEMS MFP rise was in Information, media and telecommunications. 

• Total selected industries earnings grew $93.4b (12.9%).
• The Mining industry had the largest growth in earnings of $52.0b (23.4%).
• Wholesale trade earnings grew $7.9b (21.9%).
• Retail trade earnings grew $6.8b (16.2%).
• Construction earnings grew $6.1b (11.6%).
• Total selected industries operating profit before tax (OPBT) was steady, declining $2.1b (0.3%) in 2022-23.
• The Mining industry had the largest increase in OPBT of $57.2b (31.0%), while the Rental, hiring and real estate services industry had the largest decrease of $45.5b (-44.8%).

In 2022-23, on an hour worked basis:

• The market sector MFP fell 0.5%
• Market sector labour productivity fell 2.9%, which was the largest decline in the time series
• Eight of sixteen market sector industries experienced a fall in MFP
• Largest MFP fall was in Wholesale trade, largest rise was in Information, media and telecommunications