Business turnover rebounds in February

Media Release
Cite
Print
Released
8/04/2022
Source
Monthly Business Turnover Indicator, February 2022

Seasonally adjusted business turnover increased for all 13 selected industries in February 2022, according to figures released today by the Australian Bureau of Statistics (ABS).

Branko Vitas, Head of the Business Indicators Branch, said most industries saw business turnover recover the falls seen during the peak of the Omicron variant in January 2022.

“In February, six industries recorded rises in turnover that were greater than five per cent,” Mr Vitas said.

“The increase in business turnover comes after COVID-19 cases peaked, there was a large fall in hours worked and businesses experienced labour shortages and supply disruptions in January.”

Transport, postal and warehousing recorded the largest rise (9.3 per cent) compared to January, as airlines and other transport businesses generally reported higher turnover.

The Wholesale trade and Mining industries also continued to benefit from rising commodity prices, with turnover rising by 3.9 per cent and 3.8 per cent respectively compared to the previous month.

All industries have recorded year-on-year increases in business turnover. These ranged from a rise of 8.1 per cent for Construction to 35.1 per cent for Mining in February 2022 compared to turnover in February 2021.

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 latest data is for the month ending 28 February 2022.
  • 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.
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • For media requests and interviews, contact the ABS Media Team via media@abs.gov.au (8.30am-5pm Mon-Fri).
  • Subscribe to our media release notification service to get notified of ABS media releases or publications upon their release.