Australia’s manufacturing industry’s turnover significantly slipped by 3.8 per cent in July, breaking the continuous rises of the sector in the five months prior, according to the Australian Bureau of Statistics (ABS).
The bureau’s Monthly Business Turnover Indicator, which was released Friday, showed that business turnover fell in seven of the 13 selected industries in July.
Kate Lamb, head of business indicators at the ABS, said the results for the manufacturing sector partially reflect supply chain disruptions and labour shortages in the industry.
Meanwhile, the mining industry saw the largest decline in business turnover from its recent peak in June.
“The July 10.1 per cent fall in mining follows seven months of consecutive rises, as commodity prices surged over the first half of the year, something we also saw in the latest National Accounts and Balance of Payments data,” Lamb said in a statement.
Among the six industries to record rises in business turnover, the electricity, gas, water, and waste services industry saw the largest increase, standing at 5.0 per cent. Wholesale gas and electricity prices remain elevated, marking the third consecutive monthly rise for the industry.
All industries recorded year-on-year increases in business turnover in July 2022, compared with the early phase of the COVID-19 Delta period in July 2021.
