Australian Business Turnover Shows Mixed Trends in September 2023

The latest data from the Australian Taxation Office (ATO) reveals diverse trends in business turnover for September 2023. In seasonally adjusted terms:

  • Rises: Recorded in 10 out of 13 published industries.
  • Largest Rise: Information media and telecommunications experienced the highest increase at 3.2%.
  • Largest Fall: Manufacturing faced a decline of 1.3%.

On a year-on-year basis:

  • Rises: Seen in 10 out of 13 industries.
  • Top Performers: Construction led with a significant 21.1% growth, followed by Other services (13.0%) and Administrative and support services (8.5%).
  • Declines: Mining (-15.4%), Electricity, gas, water, and waste services (-4.7%), and Transport, postal, and warehousing (-4.6%) faced reduced business turnover.

It’s important to note that the data is an experimental indicator derived from ATO Business Activity Statements, covering 13 of the 19 industry divisions. Caution is advised when comparing this indicator to other economic outputs due to differences in concepts, scope, coverage, and methods. The industry-wise analysis provides insights into the economic landscape, reflecting the ongoing dynamics in various sectors.