Retail and wholesale trade sectors lead decline
The Australian Bureau of Statistics (ABS) reported a decline in business turnover for December, with the retail and wholesale trade industries experiencing decreases of 3.3% and 3.1% respectively.
Eight out of 13 industries saw reductions in turnover during the month, with retail and wholesale trades leading the downturn.
“The fall in retail trade turnover can be attributed to consumers bringing forward spending into November, as reported in Retail Trade data released recently,” commented Robert Ewing, ABS head of business statistics.
“Lower turnover across multiple categories contributed to the 3.1% fall in the wholesale trade industry.”
However, when comparing December 2023 data to December 2022 figures, there was an increase in turnover in eight out of 13 industries, with construction, other services, and accommodation and food services industries reporting the most significant annual growth, with rises of 13.9%, 6.9%, and 6.1% respectively.
On the other hand, the mining, and electricity, gas, water and waste services sectors faced the most considerable annual declines, dropping by 6.6% and 3.6% respectively.
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