Mining industry weighed on business turnover in February: ABS
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The news: Business turnover for the mining industry had the largest monthly fall among sectors in February, new Australian Bureau of Statistics (ABS) figures show.
The numbers: ABS said the of 9.6% fall in mining turnover drove a 1.1% drop for its 13 industry aggregate.
In trend terms, turnover for the 13 industry aggregate dropped 0.1%, representing the first monthly fall since August last year.
Nine of the 13 industries saw increased turnover in February, seasonally adjusted. Arts and recreation services saw the largest rise of 4.8%, driven by sporting events including the Australian Grand Prix.
Accommodation and food services was the next highest, up 3.2% as consumers continued to favour travel and eating out as part of discretionary spending.
The industries that saw the biggest annual rises were electricity, gas, water and waste services (14.6%), construction (11.2%), and accommodation and food services (9.9%). Mining had the largest annual fall, declining 13.8%.
Compared to February 2023, turnover was higher for 11 of the 13 industries covered by the agency's indicator.
The context: ABS attributed the fall in mining turnover to falling commodity prices, particularly in iron ore. The weaknesses in metal ores, however, were partly offset by growth in the oil and gas extraction segment.
The source: ABS media release
