Mining turnover lifts for fourth straight month: ABS

The news: Business turnover in the mining industry increased for the fourth consecutive month in November, as iron ore prices and renewed coal demand helped lift the sector, ABS figures show.

The numbers: Mining industry turnover grew 4.9% for the month, but was down 8.7% on a the year before.

Ten of 13 industries recorded turnover rises in November, led by arts and recreation services (+6.2%). Retail turnover lifted 1%. Wholesale trade (-3.4%), construction (-0.8%) and manufacturing (-0.1) all lost ground, but had higher turnovers than a year ago. Construction recorded the highest annual increase in turnover at 15.2%.

The context: Mining's year-on-year turnover is still the lowest of any sector, due in part to weaker prices in commodities like coal and natural gas in 2023. Retail trade has been surprisingly resilient despite the high-interest, high-inflationary environment, with turnover 3.2% stronger than a year ago.