Mining turnover continues to fall

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Released
10/07/2023
Source
Monthly Business Turnover Indicator, May 2023

The Mining industry reported the largest fall in business turnover of the 13 selected industries in May (-6.0 per cent), according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business indicators, said: “Mining turnover fell 6.0 per cent in May, following a 12.1 per cent fall in April, as demand and prices for commodities such as iron ore and coal come off recent highs.

“Increased monthly turnover was seen in 11 of the 13 selected industries in May, after most industries saw falls in turnover in the previous month. Electricity, gas, water and waste services recorded the largest monthly percentage rise, increasing 12.8 per cent, after falling 7.5 per cent in April.”

In year-on-year terms, 12 of the 13 selected industries recorded rises. Increases were led by Construction (+17.6 per cent) while Electricity, gas, water and waste services had the smallest rise (+0.1 per cent).

Through the year to May, the only industry recording a fall in turnover was Mining (-13.5 per cent), the largest negative year-on-year fall for the industry since August 2020 (-14.6 per cent).

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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