Retail and Wholesale trade lead turnover falls in December

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Released
9/02/2024
Source
Monthly Business Turnover Indicator, December 2023

Business turnover for the Retail and Wholesale trade industries fell in December (-3.3 per cent and -3.1 per cent respectively), according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “Overall, eight of the 13 industries had falls in business turnover in December, led by the Retail and Wholesale trade industries.

“The fall in Retail trade turnover can be attributed to consumers bringing forward spending into November, as reported in Retail Trade data released recently. 

“Lower turnover across multiple categories contributed to the 3.1 per cent fall in the Wholesale trade industry.”

Compared to December 2022, eight of the 13 industries had higher turnover in December 2023. The industries that saw the biggest annual rises were Construction (+13.9 per cent), Other services (+6.9 per cent), and Accommodation and food services (+6.1 per cent).

Annually, the largest falls were in Mining (-6.6 per cent), and Electricity, gas, water and waste services (-3.6 per cent).

The ABS would like to thank the Australian Tax Office and 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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