Business turnover up 0.2% in May

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Released
10/07/2024
Source
Monthly Business Turnover Indicator, May 2024

Business turnover in trend terms rose 0.2 per cent in May according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “The pattern we have seen in recent months continues as the business turnover 13-industry aggregate remained flat in May.

“In seasonally adjusted terms, most industries either fell or were flat which resulted in the 13-industry aggregate falling 0.6 per cent. 

“Softening the fall, we saw larger rises in Arts and recreation, up 2.8 per cent, and Information media and telecommunications, up 2.6 per cent.”

The Arts and recreation growth was driven by an increase in gambling activity. Information media and telecommunications was driven by the Publishing (except internet and music publishing) subdivision as demand for generative artificial intelligence continues to grow.
 

Compared to May 2023, turnover was higher for 11 of the 13 industries included in the indicator. 

The industries that saw the biggest annual rises were Construction and Information media and telecommunications (both +6.4 per cent). Mining had the largest annual fall (-5.5 per cent).

Media notes

  • The Monthly Business Turnover Indicator is derived using Australian Taxation Office (ATO) Business Activity Statement (BAS) data from monthly remitters.
  • Monthly BAS reporting covers businesses with GST annual turnover of $20 million or more and a proportion of smaller businesses that report on a voluntary basis.
  • The indicator includes 13 of the 19 industry divisions classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006, and provides timely and frequent insights into economic activity, which complement the longstanding quarterly measures.
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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