Australian industries see profit boost in 2021-22

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Released
26/05/2023
Source
Australian Industry, 2021-22 financial year

Annual operating profits grew in 2021-22, with fewer domestic COVID-19 restrictions, according to the latest data released by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business indicators, said: “Profitability was largely driven by higher demand for goods and services, which saw businesses pass higher costs onto consumers.”

“After slower profit growth across the earlier COVID-19 pandemic affected years almost all industries recorded higher operating profits in 2021-22. This is despite many businesses seeing increased input costs and a reduction in government COVID-19 subsidies.”

The Mining industry recorded the largest growth in operating profit ($84.2b), driven by higher export prices, followed by Rental, hiring and real estate services ($41.7b), Professional, scientific and technical services ($38.6b), and Wholesale trade ($9.8b).

Operating profit in the Construction (-$4.4b) and Electricity, gas, water and waste services (-$1.6b) industries bucked this trend, as both were impacted by rising commodity prices and supply chain issues.

“Businesses of all sizes increased income and operating profit in 2021-22,” Mr Ewing said.

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Media notes

  • The 2021-22 reference period was for the 12 months ending 30 June 2022.
  • All figures in this media release are in current prices.
  • All figures relate to industries in scope of the Australian Industry publication.
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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