Shift uses transaction data from a representative sample of business in Australia to gain insights into their financial and operational performance.
Supplier spend tracks business costs and expenditures on goods and services, material and equipment, utilities, fuel and insurance.
Supplier spend grew 10 points over March (+ 9.7% MoM, + 6.5% YoY). The Transport sector continues to experience the largest increase in supplier costs, rising 14 points over March (+14% MoM, +2% YoY).
In the Hospitality sector, spend rose 11 points (+12% MoM, +4% YoY).
Wage spend tracks business spend on wages and salary payments. Wage spend grew 4 points over March (+3.4% MoM, + 16.4% YoY).
On an industry level, the Construction industry had the highest wage spend increase over March, up 6 points (+5.6% MoM, + 4.7% YoY).
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).