Turnover boost warms energy providers this winter

The news: The electricity, gas, water and waste services led other selected sectors in improving business turnover in June, lifting by 12% month on month, according to new ABS data.

The numbers: The sectors' June increase followed a 13.1% increase in May, but turnover was 4.3% lower than last year when wholesale energy prices were higher. Accommodation and food services fell the most for the month, dropping 2.6% on the back of weaker demand for catering and takeaway services. Mining had the biggest drop (-18.1%) in turnover compared to the same time last year when commodity prices were higher.

The context: Over the next two years, global economic growth is expected to plug along below historical averages and Australia is no exception. This year, eight out of thirteen selected industries recorded a boost in turnover in June, two fewer than the same time last year.