Turnover for consumer-facing businesses fell in October: ABS

The news: Business turnover fell for the majority of Australia's industries in October, ABS figures show, with the slump most pronounced in sectors dependent on consumer spending.

The numbers: Seven of 13 published industries reported a decline in revenues, with arts and recreation services turnover falling 6.0%, while a slump in travel advice and events led a 3.6% drop for administrative and support services. Retail trade was 1.4% lower in October.

Mining led the winners for the month, with turnover improving 1.7%, while professional and scientific services gained 1.6% and construction 1.3%. Year on year, nine of 13 industries were grossing more than in October 2022, led by construction (+16.4%), other services (+9.9%) and professional and scientific services (+5.6%).

The context: Mining turnover is still lower year on year, due in part to lower commodity prices including coal and natural gas. Retail spending fell 0.2% in October, according to ABS figures released last month, but remained higher than a year earlier despite the high-inflation, high-interest rate environment.