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

The Australian Bureau of Statistics’ Monthly Business Turnover Indicator has shown improvement in eight of 13 industries tracked for the month of August, with the biggest jump coming from manufacturing.

The indicator, launched in 2021 and tracking figures from companies that submit Business Activity Statements (BAS) monthly, recorded a 6.4 per cent rise for manufacturers in August 2023 versus July 2023. 

“The 6.4 per cent rise in turnover for Manufacturing can be largely attributed to Primary metal and metal product manufacturers, led by businesses involved in precious metal production,” explained the ABS’s head of business statistics, Robert Ewing, in a statement on Wednesday. 

“Transport equipment manufacturers also contributed to the rise.”

Manufacturing was followed by arts and recreation (6.0 per cent) and retail trade (3.6 per cent). An increase of 7.5 per cent was recorded in August 2023 versus August 2022 for manufacturers. 

Ten of 13 industries saw rises in turnover versus August last year, with the biggest gain for construction (19.2 per cent), other services (9.2 per cent), and professional, scientific and technical services (7.7 per cent.)

Credit: Australian Bureau of Statistics

Most companies complete a BAS every quarter, but those with a turnover of $20 million or more do so monthly. Some smaller businesses choose to report monthly on a voluntary basis.

More information on the figures can be found here.

Further reading

Manufacturing revenues down 3.8 per cent in July, says ABS

Manufacturing company monthly turnovers went up slightly in latest ABS data