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Manufacturing turnover declined in July: ABS

Turnover in the manufacturing industry fell by 3.8 per cent in July following five consecutive monthly rises, partly reflecting supply chain disruptions and labour shortages in the industry, according to latest figures from the Australian Bureau of Statistics (ABS).

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Business turnover fell in seven of the 13 selected industries in July 2022, according to the bureau’s Monthly Business Turnover Indicator, July 2022.

“The mining industry saw the largest percentage fall in business turnover in July, from its recent peak in June, in line with lower coal and iron ore exports in July,” said Kate Lamb, head of Business Indicators at the ABS.

“The July 10.1 per cent fall in mining follows seven months of consecutive rises, as commodity prices surged over the first half of the year, something we also saw in the latest National Accounts and Balance of Payments data.”

Of the six industries to record rises in business turnover in July, the electricity, gas, water and waste services industry saw the largest increase (5.0 per cent), with wholesale gas and electricity prices remaining elevated. This was the third consecutive monthly rise for the industry.

“All industries recorded year-on-year increases in business turnover in July 2022, compared with the early phase of the COVID-19 Delta period in July 2021,” the ABS said. 

abs meta imageThe Monthly Business Turnover Indicator is derived using Australian Taxation Office (ATO) Business Activity Statement (BAS) data from monthly remitters. Monthly BAS reporting covers businesses with GST annual turnover of $20 million or more and a proportion of smaller businesses that report on a voluntary basis.

More details here.