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).
| July 2024 to August 2024 (%) | August 2023 to August 2024 (%) | |
|---|---|---|
| Other services | 1.5 | 7.3 |
| Construction | 1.3 | 5.4 |
| Electricity, gas, water and waste services | 1.2 | 17.6 |
| Arts and recreation services | 0.4 | 3.7 |
| Accommodation and food services | 0.1 | 6.5 |
| Transport, postal and warehousing | 0.1 | 6.9 |
| Administrative and support services | -0.1 | 1.9 |
| Professional, scientific and technical services | -0.2 | 5.3 |
| Manufacturing | -0.4 | 1.5 |
| Wholesale trade | -0.6 | 0.4 |
| Retail trade | -0.6 | 0.3 |
| Information media and telecommunications | -2.9 | 8.6 |
| Mining | -3.5 | -5.9 |
| 13-industry aggregate | -0.7 | 1.9 |
