Gas and electricity turnover cools

Gas and electricity service providers recorded the largest drop in business turnover, while iron ore and lithium miners drove revenue in the mining industry.

The latest data from the Australian Bureau of Statistics revealed that the gas, electricity, water and waste services sector recorded a 10.1 per cent drop in business turnover in January.

“Cooler than usual weather and falling wholesale energy prices, due to lower coal and gas prices, contributed to a 10.1 per cent decrease in turnover for the industry,” ABS head of business indicators Robert Ewing said.

“Despite this most recent fall, the sector’s turnover remains 9.1 per cent higher than the same time last year.”

The second largest drop in business turnover was recorded by the information media and telecommunications sector with a 1.9 per cent decrease.

Accommodation and food services trailed behind with a 1.7 per cent decline in revenue.

The mining sector’s business turnover increased by 3.3 per cent, which was driven by iron ore and lithium miners, according to the ABS.

“Turnover for the Transport, postal and warehousing industry fell by 1.4 per cent, due to weaker turnover for businesses providing logistics, freight and shipping services,” ABS said.

“This was partially offset by continued strength in air travel services turnover.”