Retail industry records 1.4% drop in business turnover

Australia’s retail industry has recorded a 1.4% drop in monthly business turnover in October 2023, Australian Bureau of Statistics (ABS) data revealed. 

Retail joined six other industries recording falls in business turnover for October, out of a total 13 industries. 

ABS head of business statistics Robert Ewing said falls were seen across industries that rely heavily on consumer spending.

“Arts and recreation services reported the largest monthly drop in business turnover, falling 6%, while travel agents and event ticketing businesses contributed to the 3.6% fall for Administrative and support services.

“Lower petrol prices and motor vehicle sales drove the 1.4% fall for Retail trade turnover.” 

Compared to October 2022, nine of the 13 industries included in the indicator rose in contrast to the monthly falls. 

Industries that saw the biggest rises were Construction (16.4%), other services (9.9%), and Professional, scientific and technical services (5.6%).

Retail rose 2.4% year-on-year to October 2023.

Annually, the largest falls were in Mining (14.3%), and Electricity, gas, water and waste services (7.3%). This was partly driven by lower commodity prices like coal and natural gas over the past 12 months.