Energy providers see largest turnover fall in January

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Released
14/03/2023
Source
Monthly Business Turnover Indicator, January 2023

Electricity, gas, water and waste services recorded the largest percentage fall in business turnover in January, according to monthly figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business indicators, said: “Cooler than usual weather and falling wholesale energy prices, due to lower coal and gas prices, contributed to a 10.1 per cent decrease in turnover for the industry.

“Despite this most recent fall, the sector’s turnover remains 9.1 per cent higher than the same time last year,” Mr Ewing said.

Information media and telecommunications recorded the next largest monthly fall in turnover (-1.9 per cent), followed by Accommodation and food services (-1.7 per cent).

Turnover for the Transport, postal and warehousing industry fell by 1.4 per cent, due to weaker turnover for businesses providing logistics, freight and shipping services. This was partially offset by continued strength in air travel services turnover.

Businesses classified to the “Other services” industry rose 4.5 per cent, regaining most of December’s 5.7 per cent fall. Mining increased by 3.3 per cent driven by iron ore and lithium miners.

All 13 selected industries recorded year-on-year increases, led by Accommodation and food services (+27.2 per cent), Mining (+26.3 per cent) and Administration and support services (+22.8 per cent).

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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