In the latest release on August 9, 2023, Australia’s Monthly Business Turnover Indicator for June 2023 has been unveiled, offering insights into the country’s economic landscape. This experimental indicator, derived from monthly Business Activity Statements (BAS) data from the Australian Taxation Office (ATO), presents a snapshot of business turnover trends across various industries.
Key highlights include:
- Positive Growth: In seasonally adjusted terms, the indicator revealed that out of the 13 published industries, 8 experienced an increase in turnover. The most notable surge was observed in the Electricity, gas, water, and waste services sector, which saw a substantial rise of 12.0%.
- Declining Sectors: Conversely, some industries encountered a decline in turnover. Accommodation & food services faced the largest fall, with a decrease of -2.6%, followed by Professional, scientific, and technical services, as well as Administrative and support services.
- Annual Perspective: Looking at the year-on-year comparison for June 2023 and June 2022, 10 of the 13 industry divisions showed growth in business turnover. Construction emerged as a standout performer with a significant rise of 18.8%. Other services and Information, media, and telecommunications also experienced notable increases of 16.9% and 11.4%, respectively.
- Challenges in Mining: Mining registered the most substantial year-on-year decline in business turnover, with a fall of -18.1% compared to June 2022.
This experimental indicator is based on data from monthly BAS remitters and covers a subset of industries classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006. It offers insights into market output aligned as closely as possible with the Australian System of National Accounts concept. However, users should exercise caution when comparing it to other economic outputs due to variations in concepts, scope, coverage, and methodologies.