New data from the Australian Bureau of Statistics (ABS) has revealed the winners and losers from the widespread lockdowns that occurred in July and August.
Sadly, accommodation & food services were the industries that suffered the biggest fall. The industries experienced a 16.6% month-on-month decline in turnover in July and then another 6.5% decline in August.
Construction (-2.9% and -0.1%) and other services (-2.2% and -5.5%) were the only other industries to experience turnover declines in both July and August.
Conversely, the mining sector increased its turnover by 4.6% in July and 0.1% in August. Manufacturing (1.2% and 0.9%) and wholesale trade (0.6% and 1.0%) also expanded in both months. Superannuation, Finance and Health services also recorded an incline.
It’s been interesting to follow business stats across the entire pandemic. The ABS recorded a whopping 2,402,254 Australian businesses trading in the economy by June 2021. Interestingly that was a 3.8% increase in the number of businesses trading in 2020-21 with a 15% entry rate and 12% exit rate.
According to the ABS, the three industries with the largest percentage growth in that period were:
Other Services (+7.4%)
Health Care and Social Assistance (+7.2%)
Retail Trade (+6.3)
So, it’s not all doom and gloom. Let’s just hope as we all start moving around again and celebrate the silly season with family and friends our food, entertainment, and accommodation industries see an improvement.
Perhaps this season you can think locally and spend wisely to help boost your favourite local hospitality and accommodation services. Remember, you never miss your water until it’s gone!