Recent data from the Australian Bureau of Statistics (ABS) reveals a continued decline in turnover within the mining sector, with the industry experiencing the largest drop among the selected industries in May.

According to Robert Ewing, ABS head of business indicators, mining turnover fell by 6% in May, following a 12.1% decrease in April. This decline can be attributed to decreased demand and lower prices for commodities like iron ore and coal, which have recently experienced a downturn from their previous highs.

However, in May, 11 out of the 13 selected industries saw an increase in monthly turnover, with the largest percentage rise recorded in electricity, gas, water, and waste services, which experienced a 12.8% increase. This comes after a 7.5% decline in April.

In terms of year-on-year comparisons, 12 out of the 13 selected industries reported an increase in turnover. Construction saw the highest rise, while electricity, gas, water, and waste services had the smallest increase. Over the year leading up to May, mining was the only industry to experience a decrease in turnover, falling by 13.5%. This marks the largest negative year-on-year decline for the mining industry since August 2020 when it experienced a 14.6% decrease.