March Business Turnover Steady: Australia

Business turnover in trend terms fell 0.1 per cent in March according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “In trend terms, the 13-industry aggregate measure of business turnover has been flat since October 2023.

“In seasonally adjusted terms the 13-industry aggregate increased only slightly, rising 0.3 per cent in March.

“The strongest rises were from the Information media and telecommunications industry, up 3.7 per cent, Manufacturing with a rise of 3.6 per cent, and Mining, which grew 1.6 per cent.”

The rise in Information media and telecommunications turnover was driven by subscription revenue in the Publishing (except internet and music publishing) subdivision.

Business turnover indicator, change in turnover, seasonally adjusted

February 2024 to March 2024 (%)March 2023 to March 2024 (%)
Information media and telecommunications3.76.4
Electricity, gas, water and waste services1.610.9
Administrative and support services1.22.3
Wholesale trade-0.3-1.6
Retail trade-0.32.9
Other services-2.21.5
Accommodation and food services-2.94.3
Professional, scientific and technical services-3.00.7
Arts and recreation services-3.33.5
Transport, postal and warehousing-3.51.1

The largest fall in turnover was in the Transport, postal and warehousing industry partially reversing a large rise in February.

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

The industries that saw the biggest annual rises were Electricity, gas, water and waste services (10.9 per cent), Construction (8.1 per cent), and Information media and telecommunications (6.4 per cent).

Mining had the largest annual fall (-17.1 per cent) which offset the rises from other industries.

/ABS Public Release. View in full here.