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The latest statistics from the Australian Bureau of Statistics (ABS) have revealed that the mining sector endured the largest decrease in business turnover in May, despite halving losses made in April.
Mining turnover dropped six per cent in May, following a 12.1 per cent fall in April.
ABS Head of Business Indicators Robert Ewing said that the demand for commodity prices, such as iron ore and coal, has come off recent highs, providing some relief.
“Increased monthly turnover was seen in 11 of the 13 selected industries in May after most industries saw falls in turnover in the previous month,” he said.
In year-on-year terms, 12 of the 13 selected industries recorded rises, with increases led by construction at more than 17.6 per cent. However, mining is the only sector experiencing an annual fall in turnover.
In the twelve-month period leading up to May, the mining industry experienced a decline in its overall revenue by 13.5 per cent, marking the largest decrease for the industry since August 2020 when it recorded a 14.6 per cent decline.
Accommodation and food services also dropped 0.3 per cent in May, while electricity, gas, water and waste services recorded the largest monthly percentage rise.
“Electricity, gas, water and waste services recorded the largest monthly percentage rise, increasing 12.8 per cent, after falling 7.5 per cent in April,” Mr Ewing added.
Information media and telecommunications saw the second largest increase, up 6.5 per cent, and administrative and support services increased by 3.4 per cent.
With negative turnovers reported in nine out of the 13 selected industries in April, the statistics for May offer promising signs that business may begin to pick up for the remainder of 2023.
