Home » Business Turnover Up 0.2% In May: Australia

Business Turnover Up 0.2% In May: Australia

Business Turnover Up 0.2% In May: Australia

Business turnover in trend terms rose 0.2 per cent in May according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “The pattern we have seen in recent months continues as the business turnover 13-industry aggregate remained flat in May.

“In seasonally adjusted terms, most industries either fell or were flat which resulted in the 13-industry aggregate falling 0.6 per cent.

“Softening the fall, we saw larger rises in Arts and recreation, up 2.8 per cent, and Information media and telecommunications, up 2.6 per cent.”

The Arts and recreation growth was driven by an increase in gambling activity. Information media and telecommunications was driven by the Publishing (except internet and music publishing) subdivision as demand for generative artificial intelligence continues to grow.

Business turnover indicator, change in turnover, seasonally adjusted

April 2024 to May 2024 (%) May 2023 to May 2024 (%)
Arts and recreation services 2.8 6.0
Information media and telecommunications 2.6 6.4
Accommodation and food services 1.0 4.0
Electricity, gas, water and waste services 0.8 4.1
Mining 0.1 -5.5
Manufacturing -0.3 2.0
Other services -0.4 2.2
Retail trade -0.6 4.8
Professional, scientific and technical services -0.6 3.8
Construction -1.1 6.4
Transport, postal and warehousing -1.2 5.0
Wholesale trade -2.1 -0.9
Administrative and support services -2.3 2.3
13-industry aggregate -0.6 1.6

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

The industries that saw the biggest annual rises were Construction and Information media and telecommunications (both +6.4 per cent). Mining had the largest annual fall (-5.5 per cent).

/ABS Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.