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Mining drives down turnover in August

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Released
11/10/2024
Source
Monthly Business Turnover Indicator, August 2024

Business turnover fell 0.7 per cent in seasonally adjusted terms in August, according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “The fall in business turnover was driven by a 3.5 per cent fall in Mining.

“This came as Oil and gas extraction businesses reported lower turnover after a strong result in July. Iron ore mining, which continues to be impacted by price falls, also contributed to the lower turnover.

“The other notable drop was from Information media and telecommunications, down 2.9 per cent. The Publishing subdivision led this fall after reporting strong results through the first half of 2024.”

The largest industry rises were for Other services (1.5 per cent), Construction (1.3 per cent), and Electricity, gas, water and waste services (1.2 per cent).

The 13-industry aggregate showed business turnover rising 0.1 per cent in trend terms.

Compared to August 2023, turnover was higher for all 13 industries included in the indicator except for Mining, which fell 5.9 per cent.

Industries that saw the biggest annual rises were Electricity, gas, water and waste services (17.6 per cent) and Information media and telecommunications (8.6 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 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.
  • The Publishing subdivision excludes internet and music publishing.
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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