Business turnover across the thirteen core industries across Australia has fallen by 0.6 per cent month-on-month, driven by falls in half of the industries including retail, new Australian Bureau of Statistics (ABS) data shows.
Retail is also one of three industries recording year-on-year falls in business turnover, which added to an overall aggregate fall of 0.3 per cent across all thirteen industries year-on-year.
Retail turnover fell 0.3 per cent from September to October 2024, followed by mining (1.8 per cent), information media and telecommunications (2.8 per cent), transport, postal and warehousing (3.1 per cent), and a massive fall in electricity, gas, water and waste services (down 10.3 per cent).
Both construction and professional, scientific and technical services also fell.
These falls were offset by lifts in arts and recreation services (up 2.4 per cent), accommodation and food services (2.2 per cent) and wholesale (1.5 per cent).
As for year-on-year, wholesale fell 0.6 per cent, while mining led the charge with a massive 14.4 per cent fall.
This was offset by a 10.3 percent surge in arts and recreation services, an 8.1 per cent lift in construction and a 7.3 per cent lift in utilities.
ABS head of business statistics Robert Ewing said the massive 10.3 per cent fall in utilities turnover month-on-month was driven by weaker turnover from businesses in the electricity and gas supply subdivisions.
“Despite this fall, turnover is still higher than this time last year, with turnover up 7.3 per cent compared to October 2023,” he said.
“Turnover for businesses in the electricity supply subdivision fell 9.9 per cent as lower average prices coincided with abundant renewable energy supply.”
“We saw other notable industry falls in transport, postal and warehousing - which was down 3.1 per cent - information media and telecommunications, down 2.8 per cent, and mining, down 1.8 per cent.”
Falls in these industries were partially offset by rises in five of the 13 industries.
“The largest rises were in Arts and recreation services, up 2.4 per cent, and Accommodation and food services, up 2.2 per cent,” Mr Ewing said.
The only fall in retail follows a 0.9 per cent fall in September month-on-month, a 0.3 per cent fall in August, a 1.7 per cent fall in July, and a 1.5 per cent fall in June.
The 13-industry aggregate showed business turnover falling 0.6 per cent in seasonally adjusted terms and 0.1 per cent in trend terms.