The latest release of the Monthly Business Turnover Indicator, an experimental indicator of business turnover derived from monthly Business Activity Statements, showed that in seasonally adjusted terms, business turnover increased in 11 out of the 13 published industries in March 2023.
The largest rise was in Arts and recreation services, which saw an increase of 9.7%. Meanwhile, Retail trade experienced the largest fall with a decrease of 2.0%.
The experimental indicator is derived from Australian Taxation Office Business Activity Statements (BAS) turnover data from monthly BAS remitters, covering businesses with a GST annual turnover of $20 million or more and a proportion of smaller businesses that report monthly on a voluntary basis. It includes 13 of the 19 industry divisions classified according to the Australian and New Zealand Standard Industrial Classification.
However, users should exercise caution when comparing the indicator to other ABS economic outputs due to differences in concepts, scope, coverage, and methods.
In terms of year-on-year increases, all 13 published industries saw a rise in business turnover in March 2023 compared with the same month in 2022. The largest increases were recorded in Accommodation and food services (19.7%), Administrative and support services (19.4%), and Arts and recreation services (18.4%).
It is important to note that total turnover differs between industries, and this should be considered when analyzing month-to-month movements in the context of overall economic activity.
The Monthly Business Turnover Indicator provides a valuable insight into the performance of different industries and can help businesses and policymakers make informed decisions.