Seven of 13 industries reported falls in business turnover in October, according to figures released today by the Australian Bureau of Statistics (ABS).
Robert Ewing, ABS head of business statistics, said falls were seen across industries that rely heavily on consumer spending.
“Arts and recreation services reported the largest monthly drop in business turnover, falling 6.0 per cent, while travel agents and event ticketing businesses contributed to the 3.6 per cent fall for Administrative and support services.
“Lower petrol prices and motor vehicle sales drove the 1.4 per cent fall for Retail trade turnover.”
Compared to October 2022, nine of the 13 industries included in the indicator rose in contrast to the monthly falls. Industries that saw the biggest rises were Construction (+16.4 per cent), Other services (+9.9 per cent), and Professional, scientific and technical services (+5.6 per cent).
Annually, the largest falls were in Mining (-14.3 per cent), and Electricity, gas, water and waste services (-7.3 per cent). This was partly driven by lower commodity prices like coal and natural gas over the past 12 months.
