Shift Business Index


August 2023

Shift uses transaction data from a representative sample of business in Australia to gain insights into their financial and operational performance.

Last month: 70
YoY: 83
Last month: 108
YoY: 109
Last month: 112
YoY: 117
Last month: 119
YoY: 113
Table of Contents

Key Takeaways

  • Following strong performances in July, the month of August again saw continued rises in the Sales and Liquidity Indexes. Sales advanced by 6 points (+5.56% MoM, +4.59% YoY), and liquidity grew by 1 point (1.43% MoM, -14.46% YoY). 
  • This rise in both sales and liquidity was prominent within the construction industry, with sales growing 9 points (+9.15 MoM, +0% YoY), and liquidity rising by 2 points (+1.89% MoM, -9% YoY).  
  • The transport sector also saw gains in August, with sales, up 7 points (+4.7% MoM, + 18.1% YoY). Liquidity within the sector grew by 4 points over August (+3.66% MoM, - 5.7% YoY).

Liquidity Index

The Liquidity Index is calculated by measuring changes in business liquidity to garner insights into the overall level of business health. The Business Liquidity Index rose by 1 point in July (1.43% MoM, -14.46% YoY). 


  • Retail trade continued its growth over August, advancing by 4 points on the Liquidity Index (+6.25% MoM, 1.5% YoY).   
  • After recording a fall in liquidity over July, the resilient transport industry recovered over August with liquidity lifting by 4 points (+3.66% MoM, -5.7% YoY). 
  • An increase in cash reserves was also observed within Construction, up 2 points in August (+ 1.89% MoM, -9% YoY).


Key Measures


The Sales Index tracks changes in sales to measure business performance. Over August, sales advanced by 6 points (+5.56% MoM, +4.59% YoY). 

  • The construction industry led all sectors in sales growth over August, with sales lifting by 9 points (+9.1% MoM, +0% YoY).  
  • Within the manufacturing sector, sales were up 7 points (+7.2% MoM, -8.8% YoY). 
  •  Sales for the hospitality industry rose 4 points in August (+3% MoM, -1.6% YoY).  

Key Measures – Business Costs
(Supplier Spend)

Supplier spend tracks business costs and expenditures on goods and services, material and equipment, utilities, fuel and insurance. 

Supplier spend grew by 4 points over August (+3.6% MoM, -0.9% YoY). 

Key Measures - Business Costs
(Wage Spend)

Wage spend tracks business spend on wages and salary payments. Wage spend increased by 2 points over July (+1.7% MoM, + 7.08% YoY).  

About the data

Shift Business Index

The Business Index is baselined to February 2021, using six months of average transactions as the denominator.

The Index is calculated by taking a representative sample of businesses from around Australia varied by size, industry and location and looking at their credit transactions across all account types (e.g. transaction, savings and credit card).