Business turnover shows positive rebound in August

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Released
11/10/2023
Source
Monthly Business Turnover Indicator, August 2023

Eight of the 13 selected industries reported rises in business turnover in August, according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said the Manufacturing industry reported the largest monthly jump in business turnover.

“The 6.4 per cent rise in turnover for Manufacturing can be largely attributed to Primary metal and metal product manufacturers, led by businesses involved in precious metal production. Transport equipment manufacturers also contributed to the rise.”

Arts and recreation recorded the second largest rise in turnover (+6.0 per cent), partially recovering from a 7.4 per cent fall in July this year.

Retail trade businesses also saw an increase (+3.6 per cent) driven by fuel retailing and new motor vehicle sales.

Other services (-2.6 per cent), Information media and telecommunications (-1.6 per cent), and Administrative and support services (-1.5 per cent) recorded the largest falls in turnover.

Ten of the 13 industries included in the indicator recorded rises compared to August last year. Increases over the year were led by Construction (+19.2 per cent) and Other services (+9.2 per cent), while Electricity, gas, water and waste services and Mining fell 22.3 per cent and 16.5 per cent respectively.

The ABS would like to thank the businesses whose data helped produce these statistics.

Media notes

  • All figures in this media release are in seasonally adjusted terms.
  • 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.
  • For media requests and interviews, contact the ABS Media Team via media@abs.gov.au (8.30am-5pm Mon-Fri).
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