The Taylor Swift factor boosted Australian business turnover in February as thousands flocked to Sydney and Melbourne performances.
Australian Bureau of Statistics (ABS) figures, released today, also showed a lift in arts and recreation spending during the month. At 4.8 percent, this industry had the highest turnover increase of all those surveyed.
The ABS said this was boosted by attendance at big sporting events like the Australian Grand Prix.
Despite the lift in accommodation, arts and recreation spending, overall business turnover was down 1.1 percent, driven mainly by a seasonally-adjusted 9.6 percent drop in mining turnover.
The only other industries to record falls were manufacturing (0.2 percent fall) and professional, scientific and technical services (0.8 percent fall)
The ABS said the fall in mining turnover was largely due to falling commodity prices, particularly iron ore.
“The weakness in metal ores was somewhat offset by growth in the oil and gas extraction subdivision, which rose by 5.1 percent in the month,” the Bureau said.
“Accommodation and food services (were) up 3.2 percent, as consumers continued to favour travel and eating out as part of discretionary spending.
“Accommodation turnover was also boosted by the Taylor Swift concerts in Melbourne and Sydney during February.”
Across the board turnover was higher for 11 of the 13 industries included in the indicator over the 12 months to February 2024.
The largest annual lifts came in electricity, gas, water and waste services (14.6 percent), construction (11.2 percent), and accommodation and food services (9.9 percent).
Mining was down 13.8 percent over the 12 months.
More detail on the Australian Bureau of Statistics website
