Shift Business Index


November 2022

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

Last month: 81
YoY: 103
Last month: 104
YoY: 105
Last month: 114
YoY: 112
Last month: 116
YoY: 104
Table of Contents

Key Takeaways

  • Transport liquidity fell 9 points following slow sales in October. Sales recovered to a 10-point growth, up 24% YoY over November. However, costs are rising with the industry, as supplier spend rose 10 points, and 17% YoY, and wage spend rose 5 points to a 7% YoY high.
  • The Construction Industry increased sales over November, up 5 points (11% YoY). However, evidence of cost pressures persists, with supplier spend continuing to grow (up 3 points in November, 4% rise YoY. Liquidity in the sector ended November down 1 point (down 23% 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 down 3 points in November, down 24% YoY.

    • Sales fell in October for the Transport sector for the first time since July, falling 6 points, and in November, the Transport Sector suffered the largest fall in liquidity over November, falling 9 points to a fall of 14% YoY.
    • Liquidity fell 6 points over November in the Hospitality Industry. Supplier spend within this sector is up 9 points in the same period, while Sales only grew by 5 points over November.

Key Measures


The Sales Index rose by 3 points over November, for a 2% growth YoY.

The Hospitality (up 14% YoY) and Construction (up 11% YoY) Industries grew sales by 5 points on the Index over November.  The largest growth for November was in the Transport sector, which was up 10 points to a 24% growth 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.

Over November, supplier spend grew by 5 points (up 7% YoY). The Hospitality sector saw a 9-point rise in supplier spend over November, up 8% YoY.

Key Measures - Business Costs
(Wage Spend)

Wage spend tracks business spend on wages and salary payments.

Wage spend rose by 1 point in November, up 13% YoY. By industry, the Hospitality sector experienced the largest growth, rising 1 point in November to a 14% increase 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).