Australian businesses recorded a 1.9 per cent decline in operating profits during the 2024-25 financial year, according to new data from the Australian Bureau of Statistics.
The ABS said the overall fall was mainly driven by the mining industry, which reported a second consecutive year of significant profit declines due to weaker global demand and falling prices for coal, iron ore and lithium.
Mining operating profits dropped by 32.9 billion dollars, or 19.1 per cent, following a larger decline of 71.5 billion dollars in the previous financial year.
However, several industries recorded strong growth, with the Rental, Hiring and Real Estate Services sector achieving the biggest increase, boosted by higher property transactions, occupancy rates and commissions.
Private health care and social assistance profits rose by 6 billion dollars, supported by growth in childcare enrolments, aged care services and disability support participants, while construction profits also increased by 5.2 billion dollars.
The ABS said the latest Australian Industry data provides a detailed overview of income, expenses, labour costs and profits across industries, thanking businesses for their continued contribution to the survey.
