Monthly Business Turnover Indicator Shows Mixed Performance in April 2023

In the latest release of the Monthly Business Turnover Indicator, derived from Australian Taxation Office Business Activity Statements (BAS), April 2023 data revealed a varied performance across industries. The indicator provides insights into the experimental measure of business turnover in different sectors.

Key findings from the April 2023 indicator in seasonally adjusted terms include:

1. Industry Performance:

• Nine out of the 13 published industries experienced a decline in monthly turnover.
• The largest decrease was observed in the Mining sector, with a significant drop of 10.6%.
• The Accommodation and Food Services industry saw the largest increase, with a rise of 1.7%.

2. Year-on-Year Comparison:

• When comparing April 2023 to April 2022, 11 out of 13 industries recorded an increase in turnover.
• The Construction industry exhibited the highest year-on-year rise of 18.1%.
• Other services also experienced substantial growth, with a 13.6% increase.

3. Industry Analysis:

• Mining faced a decline of 5.2% in business turnover when comparing April 2023 to April 2022.
• Information media and telecommunications experienced a marginal drop of 0.1% year-on-year.

It's important to note that the Monthly Business Turnover Indicator differs from the National Accounts concept of output. The indicator focuses on turnover rather than the margins gained by each industry.

While some industries faced challenges, such as the impact of falling commodity prices on the Mining sector, other sectors like Accommodation and Food Services, Retail Trade, and Manufacturing demonstrated positive growth.

As the indicator is an experimental measure derived from BAS turnover data, caution should be exercised when comparing it to other economic outputs from the Australian Bureau of Statistics (ABS). Differences in concepts, scope, coverage, and methods may affect the comparability of results.

Overall, the Monthly Business Turnover Indicator for April 2023 provides valuable insights into the performance of various industries, highlighting both areas of decline and growth in business turnover.

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