Business turnover figures released by the Australian Bureau of Statistics (ABS) on Wednesday saw the construction industry experience the biggest rise in business turnover through February – up 4.6 per cent.
The ABS’ monthly report revealed that nine out of the 13 industries surveyed had experienced an increase in business turnover during the month.
ABS Head of Business Indicators Robert Ewing said that despite a 3.3 per cent fall in construction turnover through January, the increase in February stemmed from non-residential builders and engineering firms through a large pipeline of infrastructure projects.
“The industry is up 15.4 per cent on the same time last year, reaching its highest level since January 2010 when the turnover indicator series began,” he said.
“The cost of construction has been rising due to increasing input material prices and high labour demand.”
While construction moved in a positive direction, mining turnover fell by 3.7 per cent, as well as manufacturing turnover falling by 2.9 per cent.
Other significant rises in business turnovers for February included a 2.4 per cent increase in administrative and support services and a 2.1 per cent rise in transport, postal and warehousing.
All industry divisions, however, have recorded year-on-year increases in business turnovers to February 2023.
The more significant rises have come from accommodation and food services as well as administrative and support services, which both jumped up 21.7 per cent.
Upon reporting December’s business turnover figures back in February, Mr Ewing commented that food and beverage services led the rise for the accommodation and food services industry, as Australians enjoyed a less disrupted lead-up to the holiday season.
ABS’ Monthly Business Turnover Indicator is generated using the Australian Taxation Office’s (ATO) Business Activity Statement (BAS) data from monthly remitters.
Monthly BAS reporting covers businesses across Australia and New Zealand with an annual GST turnover of $20 million or more and a proportion of smaller businesses that report on a voluntary basis.