ABS reports drop in business turnover in seven out of thirteen industries

Australian Bureau of Statistics (ABS) announced that business turnover slipped in seven out of thirteen industries in September 2022. All industries recorded YoY growths in business turnover, driven by growth in Accommodation and food services by 65.6% and Arts and recreation by 52.9%.

Subsequent robust growth in May and June 2022, the Electricity, gas, water, and waste industry witnessed the largest percentage drop in business turnover.

The 18.9% drop in September partially mirrored moderation in wholesale electricity prices. In spite of the weakness in the September 2022, business turnover for this industry was 27.2% above compared to September 2021.

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