The latest figures from the Australian Bureau of Statistics showed that 10 out of the 13 industries surveyed had a significant decrease in business turnover, as a result of consumer caution and restrictions.
Branko Vitas, head of the business indicators branch, said arts and recreation services recorded the largest fall (10.6 per cent) in monthly turnover compared to December 2021.
“This went alongside a 6.6 per cent decrease in accommodation and food services, with food and beverage businesses generally experiencing falls in business turnover,” Mr Vitas said.
Meanwhile, wholesale trade recorded the largest rise in business turnover in January (7.1 per cent) and petroleum wholesalers generally reported higher turnover as petrol prices rose.
Agricultural wholesalers benefited from a bumper crop season supported by rising cereal exports.
But it wasn’t all bad news.
The latest results also showed that despite most industries seeing falls in business turnover between December 2021 and January 2022, all selected industries (except other services) had higher turnover compared to January 2021.
Through the year, the largest rises were recorded in mining (30.3 per cent) followed by transport, postal and warehousing (23.8 per cent).
Twelve of the 13 industries included in the indicator recorded an increase through the year to January 2022 with other services being the only industry to record a fall through the year (1.4 per cent).
