There are signs Australia’s economic crisis could be easing for businesses after a vast majority of key industries experienced an increase in their monthly turnover.
Business turnover rose for 12 out of 13 industries in August, according to monthly figures published by the Australian Bureau of Statistics on Monday.
The largest increase in monthly turnover was experienced by the transport, postal and warehousing industry (8.2 per cent) followed by other services (4.6 per cent) and manufacturing (4.1 per cent).
ABS head of business indicators Kate Lamb linked this strong August turnover to increased shipping and importing activity.
“The transport, postal and warehousing industry saw the largest percentage rise in business turnover in August as global supply chain issues continue to ease,” she said.
“The 8.2 per cent rise in August was driven by shipping and logistics companies, as merchandise imports hit a record-high in the month.”
Information media and telecommunications was the only industry to experience a monthly fall in turnover after it dropped by 0.4 per cent.
The electricity, gas, water and waste services industry also only recorded a nominal monthly increase of just 0.1 per cent.
But the annual figures made for happy reading after all 13 industries posted a strong year-on-year increase when compared with August 2021.
Accommodation and food services (72.1 per cent) unsurprisingly recorded the largest rise with lockdown restrictions no longer being in place.
It was followed by electricity, gas, water and waste services (46.9 per cent) and arts and recreation services (45.1 per cent).
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