Fresh ABS data indicated a slight decline of 0.1% in business turnover in trend terms for March.
“In trend terms, the 13-industry aggregate measure of business turnover has been flat since October 2023,” Robert Ewing (pictured above), ABS head of business statistics.
While the overall business turnover showed minimal change, certain industries experienced significant growth.
“The strongest rises were from the information media and telecommunications industry, up 3.7%, manufacturing with a rise of 3.6%, and mining, which grew 1.6%,” Ewing said in a media release.
The increase in the information media and telecommunications sector was primarily driven by higher subscription revenues in the publishing subdivision.
Conversely, the transport, postal, and warehousing industry saw the largest decline, partially reversing a significant increase from February.
When comparing year-over-year data, business turnover in March was higher for 11 of the 13 industries tracked by the indicator.
Notably, the electricity, gas, water, and waste services industry saw the most substantial annual increase at 10.9%, followed by construction at 8.1%, and information media and telecommunications at 6.4%.
Meanwhile, mining recorded a significant annual decline of 17.1%, which dampened the overall positive performance.
For more details, read Monthly Business Turnover Indicator, March 2024. Compare the latest figures to the previous month’s.
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