The latest data from the Australian Bureau of Statistics (ABS) reveals a positive trend in business turnover, with ten out of 13 selected industries reporting increases in September.
The Information media and telecommunications industry led the way with an impressive 3.2% monthly surge in business turnover. This marks a significant rebound from last month’s 1.8% decline, contributing to an annual increase of 6.8%.
Mining followed closely with a 2.8% rise, although it remains down by 15.4% compared to September of the previous year due to decreased demand and prices for commodities like coal and gas.
Construction businesses experienced a notable upswing of 2.6%, primarily driven by Heavy and civil engineering construction. The Construction industry’s turnover has surged by an impressive 21.1% from the same period last year, reflecting sustained activity in infrastructure projects by engineering firms.
However, some industries faced declines in turnover, including Manufacturing (-1.3%), Professional, scientific and technical services (-0.9%), and Arts and recreation services (-0.3%).
The ABS Head of Business Statistics, Robert Ewing, highlighted the overall positive trajectory but cautioned about challenges faced by specific sectors. He emphasized that these insights are crucial for businesses and policymakers to make informed decisions.
Business Turnover Indicator (% Change): August 2023 to September 2023:
- Information media and telecommunications: +3.2%
- Mining: +2.8%
- Construction: +2.6%
September 2022 to September 2023:
- Information media and telecommunications: +6.8%
- Mining: -15.4%
- Construction: +21.1%
The ABS expresses gratitude to the businesses whose data contributed to the compilation of these vital statistics. Stay tuned for further updates on Australia’s economic landscape.
https://www.abs.gov.au/media-centre/media-releases/business-turnover-rises-most-industries-september