Business turnover shows positive rebound in August

Eight of the 13 selected industries reported rises in business turnover in August, according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said the Manufacturing industry reported the largest monthly jump in business turnover.

“The 6.4 per cent rise in turnover for Manufacturing can be largely attributed to Primary metal and metal product manufacturers, led by businesses involved in precious metal production. Transport equipment manufacturers also contributed to the rise.”

Arts and recreation recorded the second largest rise in turnover (+6.0 per cent), partially recovering from a 7.4 per cent fall in July this year.

Retail trade businesses also saw an increase (+3.6 per cent) driven by fuel retailing and new motor vehicle sales.

Other services (-2.6 per cent), Information media and telecommunications (-1.6 per cent), and Administrative and support services (-1.5 per cent) recorded the largest falls in turnover.

Ten of the 13 industries included in the indicator recorded rises compared to August last year. Increases over the year were led by Construction (+19.2 per cent) and Other services (+9.2 per cent), while Electricity, gas, water and waste services and Mining fell 22.3 per cent and 16.5 per cent respectively.

Business turnover indicator, change in turnover, seasonally adjusted

July 2023 to August 2023 (%)August 2022 to August 2023 (%)
Arts and recreation services6.04.8
Retail trade3.61.3
Professional, scientific and technical services1.97.7
Accommodation and food services1.15.5
Wholesale trade1.03.7
Transport, postal and warehousing0.3-5.8
Electricity, gas, water and waste services-0.3-22.3
Administrative and support services-1.57.1
Information media and telecommunications-1.65.1
Other services-2.69.2

The ABS would like to thank the businesses whose data helped produce these statistics.

/ABS Public Release. View in full here.