The experimental Monthly Business Turnover Indicator (MBTI) for February 2024 showed a mixed economic landscape with a 1.1% decrease in the seasonally adjusted 13-industry aggregate, largely driven by a significant decline in mining, ABS reported.
The downturn was most pronounced in the mining sector, which saw a significant drop of 9.6%.
“The large fall in mining drove the 1.1% drop in turnover for the 13-industry aggregate. This was even with only three of the 13 industries showing a fall,” said Robert Ewing, ABS head of business statistics, in a media release.
The decline in mining turnover is primarily attributed to falling commodity prices, notably iron ore. However, this was partially offset by a 5.1% increase in the oil and gas extraction subdivision, reflecting some resilience within the broader mining sector.
In trend terms, the 13-industry aggregate saw a minor reduction of 0.1%, marking the first monthly fall since August of the previous year.
Despite the downturn in mining, other sectors experienced growth. Arts and recreation services led with a 4.8% increase, largely driven by events such as the Australian Grand Prix. Accommodation and food services also saw a significant rise of 3.2%, boosted by ongoing consumer travel and major events like the Taylor Swift concerts in Melbourne and Sydney.
Overall, 11 out of 13 industries monitored showed year-on-year increases.
Comparatively, February 2023 showed a positive trend with 11 out of the 13 industries recording higher turnover.
The industries with the most substantial annual increases included electricity, gas, water, and waste services (14.6%), construction (11.2%), and accommodation and food services (9.9%). On the flip side, the mining sector not only led the monthly downturn but also marked the largest annual fall with a 13.8% decrease, ABS reported.
For further details, access Monthly Business Turnover Indicator, February 2024. To compare the latest figures with the previous months, click here.
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