Five of the industry groups monitored by the Australian Bureau of Statistics experienced declines in revenue during the year to July:
  • Electricity, gas, water & waste services: -22.1%
  • Mining: -15.5%
  • Transport, postal & warehousing: -3.3%
  • Arts & recreation services: -1.9%
  • Retail trade: -0.8%
By contrast, annual turnover increased in eight other industries:
  • Construction: 19.2%
  • Other services: 14.3%
  • Administrative & support services: 10.9%
  • Information media & telecommunications: 8.5%
  • Professional, scientific & technical services: 6.2%
  • Accommodation & food services: 4.4%
  • Wholesale trade: 3.9%
  • Manufacturing: 2.5%

One reason some businesses are finding conditions tough is because consumers and businesses have reduced their spending over the past year, in response to higher interest rates and inflation. With prices growing faster than wages, real disposable incomes have gone backwards.
 
However, the Reserve Bank expects an imminent turnaround. It forecast that real disposable income growth would improve from -2.9% in June to -0.1% in December, 0.4% in June 2024 and 2.1% in December 2024. That could lead to an increase in consumer spending and business turnover.
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