Shift Business Index


October 2023

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

Last month: 67
YoY: 81
Last month: 110
YoY: 103
Last month: 113
YoY: 114
Last month: 117
YoY: 116
Table of Contents

Key Takeaways

  • Sales advanced over the month of October, growing 9 points (+8.2% MoM, + 15.5% YoY). This growth was paired with a 7-point increase in Supplier spend (+6.2% MoM, + 5.3% YoY), and a 6-point growth in Wage spend (+5.1% MoM, + 6% YoY).  
  • With sales and costs both rising, Liquidity withdrew by 1 point this month (-1.5% MoM, -18.5% YoY) 
  • The Hospitality sector’s performance in October was notable . Sales grew by 12 points (+10.4% MoM, + 5.8% YoY), and Liquidity increased by 5 points (+11.1% MoM, -35.9% 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 fell by 1 point in October (-1.5% MoM, -18.5% YoY). 

  • Hospitality had the most notable liquidity gains this month, rising by 5 points (+11.1% MoM, -35.9% YoY).  
  • The Retail Trade industry saw a 2-point growth in cash reserves over October (+3.1% MoM, -10.7% YoY).  
  • In comparison, the Construction and Transport sectors both experienced a decline. Construction Liquidity fell 6 points (-7.5% MoM, -8.6% YoY), with Transport also dropping 6 points (-6.2% MoM, -12.5% YoY).  

Key Measures


The Sales Index tracks changes in sales to measure business performance. Over October, sales advanced by 9 points (+8.2% MoM, +15.5% YoY). 

  • Sales over October were led by the Manufacturing and Hospitality sectors. Hospitality increased Sales by 12 points (+10.4% MoM, + 5.8% YoY) while Manufacturing advanced by 14 points (+14.2% MoM, -5.2% YoY).  
  • Retail Trade also grew, with an 11 points increase in October (+12% MoM, + 13.2% YoY).  
  • Sales in Transport and Professional Services also grewthis month. Transport Sales increased by 6 points (+4.3% MoM, +19.5% YoY) and Professional Services grew sales by 5 points (+3.6% MoM, +17.2% 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 increased by 7 points over October (+6.2% MoM, +5.3% YoY). 

Key Measures - Business Costs
(Wage Spend)

Wage spend tracks business spend on wages and salary payments. Wage spend increased by 5 points over October (-5.1% MoM, +6% 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).