Australia Business Turnover Rebounds Positively in August

The Australian Bureau of Statistics (ABS) has reported a positive rebound in business turnover for August 2023, with eight out of 13 selected industries experiencing growth.

Key Highlights:

  • Manufacturing Leads: The Manufacturing industry showed the most significant surge with a 6.4% increase in turnover. This growth was driven by Primary metal and metal product manufacturers, particularly those engaged in precious metal production. Transport equipment manufacturers also contributed to the rise.
  • Arts and Recreation Bounce Back: Arts and recreation recorded the second-largest rise in turnover at 6.0%, partially recovering from a 7.4% decline in July.
  • Retail Trade Boost: Retail trade businesses witnessed a 3.6% increase, attributed to fuel retailing and new motor vehicle sales.
  • Mixed Performances: Other services (-2.6%), Information media and telecommunications (-1.6%), and Administrative and support services (-1.5%) reported declines in turnover.

Year-on-Year Trends:

  • Ten out of the 13 industries displayed positive growth compared to August of the previous year.
  • Construction led the annual increases with an impressive 19.2% growth, followed by Other services with a 9.2% rise.
  • Conversely, Electricity, gas, water and waste services, and Mining experienced declines of 22.3% and 16.5%, respectively.