News
2 July 2024
Positive signs continue to emerge for Australia’s resilient business sector, with newly released figures showing turnover rose in 12 of 13 selected industries in August and all industries recorded year-on-year increases.
Positive signs continue to emerge for Australia’s resilient business sector, with newly released figures showing turnover rose in 12 of 13 selected industries in August and all industries recorded year-on-year increases.
The figures, published this week by the Australian Bureau of Statistics (ABS) in its Monthly Business Turnover Indicator report, suggest the sector is bouncing back from the array of macroeconomic factors that have battered the global economy in recent years.
“The transport, postal and warehousing industry saw the largest percentage rise in business turnover in August as global supply chain issues continue to ease,” ABS head of business indicators Kate Lamb said.
“The 8.2% rise in August was driven by shipping and logistics companies, as merchandise imports hit a record-high in the month.”
The next largest percentage rise in turnover was experienced by the ‘other services’ industry (4.6%), followed by manufacturing (4.1%), mining (4%), administrative support services (3.6%), and professional, scientific and technical services (3.4%).
Retail and wholesale trade also enjoyed increases to turnover (3% and 2.6% respectively), with construction (1.9%), arts and recreation services (1.2%), accommodation and food services (0.6%) and electricity, gas, water and waste services (0.1%) rounding out the list of improvers.
Information media and telecommunications was the only industry to record a fall in turnover in August, declining by a relatively narrow margin (-0.4%).
Year-on-year, all industries recorded increases in business turnover, led by accommodation and food services (72.1%) and electricity, gas, water and waste services (46.9%).
A healthy business sector and growing economy Down Under align with the International Monetary Fund’s projection earlier this year that Australia will become the world’s 12th-largest economy in 2023, with nominal GDP expected to be around A$2.5 trillion.
Despite being home to just 0.3% of the world’s population, Australia accounts for 1.7% of the global economy.
Past performance is not a reliable indicator of future performance.
Sources:
- abs.gov.au, Turnover rises across most industries in August 2022
- austrade.gov.au, Resilient economy
- abs.gov.au, Monthly Business Turnover Indicator
