Shift Business Index


December 2022

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

Last month: 79
YoY: 104
Last month: 107
YoY: 104
Last month: 119
YoY: 111
Last month: 119
YoY: 105
Table of Contents

Key Takeaways

  • Sales for the Construction Industry grew a further 10 points this month (up 22% YoY), continuing a strong performance experienced in November 2022. The sector improved on the liquidity index by 12 points, a 9% growth MoM.
  • Over December, sales within the Retail Trade sector grew 5 points, up 5.4% MoM (down 8.2% YoY). Liquidity within the industry is up 3 points, up 4% MoM (down 22% YoY).

Liquidity Index

The Liquidity Index is calculated by measuring changes in business liquidity to garner insights into the overall level of business health.

Liquidity is up 4 points in December, down 21% YoY.

  • Liquidity within the Hospitality sector fell 4 points over December, ending the month down 31% YoY.
  • Within the Retail Trade industry, Liquidity grew by 3 points over December. Sales within the sector grew by 5% over the last month.

Key Measures


The Sales Index tracks changes in sales to measure business performance. Sales rose by 2 points over December, for an 8% growth YoY.
  • The Transport Industry grew its sales by 11 points in December (up 26% YoY), continuing a steady growth in sales throughout Q4 2022.
  • In the Hospitality sector, sales fell by 2 points (up 11% YoY) in December.

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 remained flat over December, but with an 8% YoY growth. In a trend that has been consistent across 2022, the Transport (up 18%) and Construction (up 9%) sectors experienced the greatest growth in supplier spend YoY.

Key Measures - Business Costs
(Wage Spend)

Wage spend tracks business spend on wages and salary payments.  

Wage spend rose by 1 point in December, up 13% YoY. Retail trade wage costs rose by 3 points over December, to a YoY growth of 9.5%.  

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).