Business turnover rose 2 per cent in November 2024, new figures from the Australian Bureau of Statistics (ABS) revealed.
This is despite a 1.4 per cent year-on-year fall in the retail trade industry, alongside a 10.4 per cent fall in mining - the only two industries to record year-on-year falls.
While business turnover in mining was down year-on-year, the category recorded the largest lift month-on-month of 5.7 per cent, becoming the main driver for the overall business turnover lift.
Retail trade was also up in monthly terms, lifting 1.2 per cent. The category’s monthly lift was driven by a boost in food retailing and other store-based retailing, and offset by motor vehicle retailing.
“Other notable rises included the manufacturing industry and the transport, postal and warehousing industry, both up 3 per cent,” ABS head of business statistics Robert Ewing said.
Turnover fell for three industries in month-on-month terms, including other services (down 1.7 per cent), arts and recreation services (down 1.5 per cent) and accommodation and food services (down 0.3 per cent).
Compared to November 2023, turnover was higher for 11 of the 13 industries included in the indicator.
The industries that saw the biggest annual rises were construction (up 9.4 per cent), transport, postal and warehousing, and arts and recreation services (both up 8.2 per cent).