MNI BRIEF: Aussie Business Sales Falter in September
The Reserve Bank of Australia has received another sign growth may be slowing, with more than half of the major industry groups reporting a fall in sales turnover in September, according to the Australian Bureau of Statistics.
Seven of the 13 industries tracked reported a decline in monthly turnover, compared to only one industry that reported weaker sales in August. The data is based on monthly reporting by businesses with Goods and Services Tax (GST) turnover of AUD20 million or more.
The biggest decline was electricity, gas, water and waste services, which fell 18.9% as wholesale electricity prices moderated. Retail trade fell 0.8%, while transport, postal and warehousing declined 2%. Manufacturing fell 1.5%.