Australian business turnover fell by 0.7% in August, according to fresh figures from the Australian Bureau of Statistics (ABS).
The decline was largely driven by a sharp 3.5% drop in the mining sector.
Robert Ewing, ABS head of business statistics, noted oil and gas extraction saw lower turnover following a strong July, and iron ore mining continued to suffer from price falls.
The information media and telecommunications sector also took a hit, falling by 2.9%, with the publishing subdivision leading the decline after a strong first half of 2024.
Bright spots included other services (up 1.5%), construction (up 1.3%), and electricity, gas, water, and waste services (up 1.2%).
On a trend basis, business turnover ticked up 0.1% across 13 industries. Compared to August 2023, turnover rose in all but the mining sector, which fell 5.9%.
Energy, gas, water, and waste services surged 17.6%, while information media and telecommunications grew by 8.6%.
The Monthly Business Turnover Indicator uses ATO Business Activity Statement (BAS) data, covering businesses with a GST turnover of $20 million or more and some smaller businesses.
It includes 13 out of 19 industry divisions and offers timely insights into economic activity.
