Turnover for energy businesses rebounds in October 2022
Electricity, gas, water and waste services saw the largest percentage rise in business turnover in October (2.5 per cent) after falling sharply in September, according to monthly figures released today by the Australian Bureau of Statistics (ABS).
Kate Lamb, ABS head of business indicator statistics, said: “In October, turnover for the Electricity, gas, water and waste services industry was 16.8 per cent below the peak in August, but 28.2 per cent higher compared to the same time last year. This rise has followed a period of volatility for wholesale energy prices."
“Wholesale trade and Construction both saw modest rises in turnover of 1.8 per cent. The increase in Wholesale trade was driven by telecommunication goods and pharmaceutical sales, while continued investment in public infrastructure projects contributed to the rise in Construction turnover.”
Overall, the Monthly Business Turnover Indicator rose in nine of the 13 reported industries in October 2022. The monthly percentage movements were less volatile than recent months, ranging from a 2.5 per cent rise for Electricity, gas, water and waste services, to a 3.9 per cent fall for Arts and recreation services.
All industries recorded year-on-year increases in business turnover, as COVID-19 Delta lockdowns in October 2021 continued to impact some states and territories. Industries that are reliant on discretionary spending such as Accommodation and food services and Arts and recreation services, experienced the largest year-on-year percentage rises (43.4 per cent and 42.8 per cent respectively).
More detailed analysis and information on the methodology is available in Monthly Business Turnover Indicator.
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.
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