Australia’s Monthly Business Turnover Indicator for July 2023 Reveals Varied Industry Performance

Australia’s latest Monthly Business Turnover Indicator, based on data from Business Activity Statements (BAS), offers insights into the performance of various industries for the month of July 2023.

Key Findings:

  • Industry Performance: In seasonally adjusted terms, the July 2023 indicator showed declines in business turnover for 7 out of the 13 published industries.
  • Largest Decline: The most significant decline was observed in the “Electricity, gas, water, and waste services” sector, with a substantial drop of 14.9%.
  • Notable Increase: In contrast, the “Administrative and support services” industry experienced the most substantial rise, with an impressive increase of 3.8%.
  • Year-on-Year Trends: When comparing July 2023 to the same month in the previous year, business turnover increased in 8 out of the 13 industries.

About the Indicator:

This experimental indicator is derived from the Australian Taxation Office’s (ATO) Business Activity Statements (BAS) turnover data, primarily from monthly BAS remitters. It encompasses 13 out of the 19 industry divisions classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006.

Monthly BAS reporting primarily covers businesses with a GST annual turnover of $20 million or more, along with a portion of smaller businesses that voluntarily report on a monthly basis.

Caution in Interpretation:

Users are advised to exercise caution when comparing this indicator to other Australian Bureau of Statistics (ABS) economic outputs. Differences in concepts, scope, coverage, and methods exist.

Industry Insights:

In July 2023, seven of the 13 industry divisions included in the indicator reported declines in monthly turnover, adjusted for seasonal variations. Notable declines were observed in:

  • “Electricity, gas, water, and waste services” (-14.9%)
  • “Arts and recreation” (-6.1%)
  • “Manufacturing” (-5.0%)

Conversely, six industries demonstrated increases in monthly turnover for July 2023. The most substantial increases were noted in:

  • “Administrative and support services” (3.8%)
  • “Construction” (2.0%)

Looking at the year-on-year trends, five of the 13 industry divisions experienced declines in business turnover in July 2023 compared to the same month in 2022. The most significant declines were seen in:

  • “Electricity, gas, water, and waste services” (-22.1%)
  • “Mining” (-15.5%)

On the other hand, “Construction” (19.2%) recorded the most substantial year-on-year rise in business turnover for July 2023 compared to July 2022.