Arts and recreation services recorded the largest percentage fall in business turnover in November (-6.6 per cent), after dropping 3.2 per cent in October, according to monthly figures released today by the Australian Bureau of Statistics (ABS).
Sybille McKeown, ABS head of industry statistics, said that after through-the-year growth peaked at 52.9 per cent in September 2022, turnover for the Arts and recreation services industry cooled to a 19.3 per cent increase through the year to November 2022.
“The positive impact from the relaxing of COVID-19 Delta lockdowns towards the end of 2021 has been replaced with declining ‘discretionary’ spending in the face of rising interest rates and inflation,” Ms McKeown said.
Electricity, gas, water and waste services also had a notable percentage decline (-4.4 per cent), as wholesale electricity prices in the National Electricity Market continue to fall from recent highs.
The ‘Other services’ industry led the rises, up 9.1 per cent, driven by repair and maintenance businesses, followed by Retail trade (+2.9 per cent) and Mining (+1.2 per cent).
Business turnover decreased in eight of the 13 selected industries in November 2022. This is the first time that most of the industries experienced a monthly fall in turnover since January 2022.
All industries recorded year-on-year increases in business turnover, led by Mining (+37.4 per cent), Transport, postal and warehousing (+28.3 per cent) and Electricity, gas, water and waste services (+24.0 per cent).
