Business turnover up 2.0% in November

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Released
24/01/2025
Source
Monthly Business Turnover Indicator, November 2024

Business turnover rose 2.0 per cent in November in seasonally adjusted terms, with 10 of 13 industries rising, according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “The Mining industry rise of 5.7 per cent was the main driver in this strong outcome.

“At the finer level, multiple Mining subdivisions saw a rise. This included Oil and gas extraction, up 9.5 per cent, and Metal ore mining, which rose 6.0 per cent, both driven by strong export volumes.

“Other notable rises included the Manufacturing industry and the Transport, postal and warehousing industry, both up 3.0 per cent.”

Turnover fell for three industries: Other services (-1.7 per cent), Arts and recreation services (-1.5 per cent), and Accommodation and food services (-0.3 per cent).

Compared to November 2023, turnover was higher for 11 of the 13 industries included in the indicator. 

The industries that saw the biggest annual rises were Construction (+9.4 per cent), Transport, postal and warehousing, and Arts and recreation services (both +8.2 per cent). 

The two industries which had annual falls were Mining (-10.4 per cent) and Retail trade (-1.4 per cent).

Media notes

  • 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 industry divisions and 41 industry subdivisions 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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