In August 2023, Australia’s Monthly Business Turnover Indicator, an experimental measure derived from Business Activity Statements (BAS), exhibited notable trends. Here are the key highlights:
Overall Trends:
- In seasonally adjusted terms, 8 out of 13 published industries experienced rises in turnover.
- The Manufacturing sector showed the largest rise at 6.4%, while Other services experienced the largest fall at -2.6%.
Year-on-Year Comparisons:
- Year-on-year, 10 out of 13 industries recorded rises in business turnover in August 2023.
- Construction led the way with a substantial 19.2% increase.
- Other services and Professional, scientific, and technical services also reported significant year-on-year rises at 9.2% and 7.7%, respectively.
Industry Analysis – Monthly Turnover:
- In August 2023, rises were observed in Manufacturing (6.4%), Arts and recreation (6.0%), and Retail trade (3.6%).
- Industries experiencing falls included Other services (-2.6%), Information media and telecommunications (-1.6%), and Administrative and support services (-1.5%).
Year-on-Year Industry Performance:
- Mining, Manufacturing, and Electricity, gas, water and waste services recorded falls in business turnover compared to August 2022.
Cautionary Notes:
- The indicator is derived from BAS turnover data, covering businesses with GST annual turnover of $20 million or more and a portion of smaller businesses reporting monthly on a voluntary basis.
- Users are cautioned against direct comparisons with other ABS economic outputs due to differences in concepts, scope, coverage, and methods.
Industry-Specific Trends:
- Graphs for Selected Industries provide in-depth insights into the monthly percentage changes and indexes for various sectors, including Mining, Manufacturing, Retail trade, and more.