June 16, 2023

In seasonally adjusted terms, the April 2023 monthly business turnover indicator in Australia showed:

  • Falls in nine of the 13 published industries
  • The largest fall was in Mining (-10.6%)
  • The largest rise was in Accommodation and Food Services (1.7%)
  • Through the year, rises were seen in 11 of 13 published industries
  • This experimental indicator is derived from Australian Taxation Office (ATO) Business Activity Statements (BAS) turnover data from monthly BAS remitters. It includes 13 of the 19 industry divisions classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006.
  • Monthly BAS reporting covers businesses with GST annual turnover of $20 million or more and a proportion of smaller businesses that report monthly on a voluntary basis.
  • The estimated monthly changes in business turnover are aligned as closely as is feasible to the Australian System of National Accounts concept of market output. Users should exercise caution in comparing the indicator to other ABS economic outputs due to differences in concepts, scope, coverage, and methods.

Industry

Total turnover differs between industries. This should be considered when analysing month-to-month movements in the context of overall economic activity. The chart below shows the monthly movements in the turnover indicator for April 2023 (represented by colour) and the selected industries’ estimated share of total turnover for the 2021-22 financial year (represented by circle size).

Business turnover differs from the National Accounts concept of output. For example, the value of goods sold by wholesalers and subsequently retailers are reflected in turnover for both industries while National Accounts output measures the margins gained by each industry.

Industry analysis and charts

In April 2023, nine of the 13 industry divisions included in the indicator showed falls in monthly turnover in seasonally adjusted terms. The largest falls in monthly turnover were seen in:

  • Mining (-10.6%), led by coal and iron miners as commodity prices fell and exports were lower in April.
  • Electricity, gas, water and waste services (-9.4%), after rising 9.3% in March. This industry has been impacted in recent months by volatility in wholesale electricity and gas prices.
  • Transport, postal and warehousing (-6.8%), with lower turnover seen across shipping and freight businesses, as well as airline operators.

Four industries showed rises in April 2023. The largest were seen in:

  • Accommodation and food services (1.7%)
  • Retail trade (1.3%)
  • Manufacturing (0.9%)

Year-on-year, 11 of 13 industry divisions recorded increases in business turnover in April 2023, compared with April 2022. The largest rises were recorded in:

  • Construction (18.1%)
  • Other services (13.6%)

The two industries that recorded year-on-year falls in business turnover in April 2023, compared with April 2022 were:

  • Mining (-5.2%)
  • Information media and telecommunications (-0.1%)

Source: ABS
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.