Business turnover rose by 1% in July

New figures released by the ABS show that most sectors saw increases in business turnover in July 2024.

Across the country, most industries had increases in the number of business turnovers in July, according to figures released on Monday, 9 September, by the Australian Bureau of Statistics (ABS) as part of its Monthly Business Turnover Indicator.

When compared to July 2023, the ABS detailed, turnover was higher for all 13 industries included in the indicator except mining, which fell 1.2 per cent.

The industries that saw the biggest annual rises were electricity, gas, water, and waste services (16.8 per cent) and professional, scientific, and technical services (8.4 per cent). Elsewhere, the largest falls were witnessed in the retail trade and information media and telecommunications industries, which were both down 1.6 per cent.

The 13-industry aggregate showed, the ABS noted, that business turnover went up 0.1 per cent in trend terms and 1 per cent in seasonally adjusted terms.

Speaking about the figures, ABS head of business statistics Robert Ewing said: “Business turnover rose 1.0 per cent in July in seasonally adjusted terms following falls in the previous two months.

“The transport, postal and warehousing industry showed the largest rise at 4.0 per cent. This is a rebound from its 3.3 per cent fall last month and is up 8.2 per cent annually.

“Other notable industry rises were for professional, scientific and technical services, up 3.9 per cent, construction rose by 2.3 per cent, and wholesale trade was up 2.0 per cent.”

The Monthly Business Turnover Indicator is derived using Australian Taxation Office (ATO) Business Activity Statement (BAS) data from monthly remitters.