Turnover falls in mining industry

The mining industry has recorded the largest decrease in business turnover in April driven by a drop in coal and iron ore prices and exports.

The Australian Bureau of Statistics latest data revealed business turnover fell for nine of the 13 surveyed industries across Australia in April. 

The mining industry recorded the biggest percentage decrease of 10.6 per cent in April, followed by the electricity, gas, water, and waste services sector with a 9.4 per cent drop, down from its 9.4 per cent increase in business turnover in March.

“Nine industries saw a fall in monthly business turnover this month, which hasn’t been seen since July 2021 when COVID-19 Delta cases were on the rise,” ABS head of business indicators Kate Lamb said.

“The mining industry’s fall was led by coal and iron ore miners, as prices for these commodities fell and exports were lower as per International trade data released yesterday.”

Transport, postal and warehousing business turnover fell 6.8 per cent, informed by lower turnover across shipping, freight businesses and airline operators, according to ABS.

Accommodation and food services recorded the largest rise in business turnover of 1.7 per cent, followed by retail trade at 1.3 per cent in April.

Comparing the year-on-year data in April, the only two industries to fall were mining and information, media and telecommunications.

“This is the first time since January 2022, when COVID-19 Omicron cases peaked, that any industry has recorded negative year-on-year growth,” Ms Lamb said.