Manufacturing companies led revenue growth in “mixed” ABS stats for February

A measure of turnover data published by the Australian Bureau of Statistics since 2021 has shown manufacturing outpacing all other industries for February, with a strong rise in metal products.

The ABS’s experimental Monthly Business Turnover Indicator tracks 13 industries, with an aggregate rise in turnover of 0.2 per cent (in seasonally-adjusted terms) for the results published on Thursday.

Manufacturing showed the highest growth for February, at 4.6 per cent, followed by transport, postal and warehousing (2.6 per cent) and electricity, gas, water and waste services (2.4 per cent.) The biggest falls were in arts and recreation services, mining, and wholesale trade (each fell by between 2 and 2.6 per cent.)

Robert Ewing, ABS head of business statistics, said in a statement that, “The rise in monthly business turnover continues the growth seen in recent months.

“The 13-industry aggregate showed a 0.2 per cent rise in business turnover in seasonally adjusted terms, with mixed results across the industries in February.

“The Manufacturing industry led the rises, up 4.6 per cent. This growth was led by a strong rise in the Primary metal and metal product manufacturing subdivision. 

Overall growth was softened by falls in seven industries, said Ewing, citing Mining (down 2.5 per cent) and Wholesale trade, (down 2.0 per cent.)

The data tracks 13 of 19 Australian and New Zealand Standard Industrial Classification (ANZSIC) industry categories. It was first published in October 2021.

The data is based on monthly Business Activity Statement (BAS) reporting for businesses with an annual turnover of $20 million or more, as well as some smaller businesses that report each month on a voluntary basis.

More on the February turnover data can be seen here.

Picture: ABS

Further reading

Australian manufacturing shows strongest growth since 2022

Manufacturing sector struggles continue in March amid uncertainty

Manufacturing company turnovers up 6.4 per cent in August: ABS indicator

Manufacturing revenues down 3.8 per cent in July, says ABS